Iran let a lot of non-US ships, like ships from China or Spain through as long as they paid with RMB or EUR instead of USD.
The US wanted to stop that because it could collapse the petrodollar and they’d have to start paying for their own debt spending. So basically the US lets shipping through that supports the petrodollar, Iran lets shipping through that undermines it.
It’s my take on it though, everything is likely much more fuzzy.
Iran let a lot of non-US ships, like ships from China or Spain through as long as they paid with RMB or EUR instead of USD.
The US wanted to stop that because it could collapse the petrodollar and they’d have to start paying for their own debt spending. So basically the US lets shipping through that supports the petrodollar, Iran lets shipping through that undermines it.
It’s my take on it though, everything is likely much more fuzzy.