Petrodollar Under Pressure; Iran and BRICS Challenge US Dollar Dominance

The ongoing conflict involving Iran is raising new questions about the role of the United States in global security and the future of the world economy.

For many years, the US has been seen as the leading global power. Since the end of the Cold War, it has played a key role in shaping international security and political outcomes. However, recent developments suggest that its influence may be facing new challenges.

Iran has continued to operate under strong economic and military pressure. Despite sanctions and tensions, the country has not shown signs of collapse. At the same time, US forces in the region are facing continued resistance, rather than clear control of the situation.

Some regional countries are also taking a more cautious approach. Instead of fully supporting one side, they appear to be balancing their positions. This reflects growing uncertainty in the region.

Meanwhile, countries such as Russia and China are not directly involved in the conflict, but they may benefit if US influence weakens. Analysts say any shift in global power could have long-term effects beyond the Middle East.

The situation is also linked to changes in the global economy. For decades, most oil trade has been carried out in US dollars. This system, often called the “petrodollar,” has supported the American economy.

Now, there are signs that this system could be under pressure. Some countries, including members of BRICS, are exploring trade in other currencies. This includes deals using the Chinese yuan and other national currencies.

The Strait of Hormuz, a key route for global oil supply, has become an area of concern. About 20% of the world’s oil passes through this route. Any disruption, even temporary, can affect global markets.

Global institutions are also facing challenges. Organisations created after World War II, such as the United Nations, have found it difficult to influence the situation. Military alliances like NATO remain active but have limited involvement in this region.

Experts say the world may be moving toward a more complex system, where power is shared among several countries instead of being led by one.

Inside the United States, the conflict is also being closely watched. Rising national debt, political divisions, and public opinion about foreign involvement are adding pressure on decision-makers.

While it is too early to predict the outcome, the current situation is being seen as an important moment. It may shape future global relations, economic systems, and the balance of power in the years ahead.