Still Dominant: The U.S. dollar remains the primary currency for global oil trade. Most international oil transactions, including those between Saudi Arabia and major buyers, are still conducted in dollars.

Under Pressure: The system faces growing challenges. The 2026 Gulf War has exposed the limits of the U.S. security umbrella in the Middle East, causing Gulf states to question the long-standing bargain of U.S. protection in exchange for dollar-denominated oil sales.

Diversification: There is a clear trend toward diversification. Countries like China, Russia, and Iran are increasingly trading oil in non-dollar currencies (such as the yuan), and platforms like Project mBridge are facilitating trade outside the U.S. financial system.

Not Dead, But Evolving: While rumors of its "death" are exaggerated, the petrodollar's monopoly power is broken. It is no longer an exclusive system, and its long-term dominance is being challenged by geopolitical shifts and the rise of alternative financial networks.
thefridaytimes.com/18-Mar-2026…
fortune.com/2026/04/07/what-is…