Source: Iran mulls conditions for allowing oil through Strait of Hormuz

Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz, provided that the oil cargo is traded in Chinese yuan, a senior Iranian official tells CNN.

The potential move comes as the Islamic Republic is working on a new plan to manage the flow of oil tankers through the Strait, the source added.

International oil is almost entirely traded in dollars, apart from sanctioned Russian oil, which is traded in roubles or yuan.

China has attempted to make inroads for the past several years to buy oil in yuan, particularly in Saudi Arabia. But the dollar remains the world’s reserve currency, and the yuan is not broadly accepted on the global marketplace.