Source: Responsible Statecraft
by Sam Fraser
“Even if the framework agreement to end the U.S.-Israel-Iran War is successful, economic fallout from the conflict will persist at least through the end of the year. And the consequences for the global economic system — particularly the centrality of the U.S. dollar and its dominance of the oil trade — may be more far reaching. Analysts have suggested that the war may spell the end of the so-called petrodollar, or alternatively that it could bring about an era of renewed dollar dominance, or that really, the petrodollar ceased to be a meaningful driver of U.S. monetary hegemony decades ago. The latter vein of analysis is largely correct.” (06/23/26)