Strait of Hormuz closed — Iran demands yuan for passage

Following joint US-Israeli strikes on Iran, the IRGC closes the Strait of Hormuz — the chokepoint for ~20% of global oil supply. Normal traffic of 138 ships/day collapses to a trickle. Reports emerge that Iran is demanding passage tolls be paid in Chinese yuan, not US dollars. The petrodollar system was built on the assumption that oil flows freely in USD. When the flow stops, the currency question becomes existential.