Still king – why the petrodollar isn’t going anywhere soon in World Economy News 22/06/2026 Recent tensions in the Middle East have brought the petrodollar debate back into focus. The immediate market question is whether disruptions to energy trade could accelerate the use of non-dollar currencies in energy-related transactions. That matters because any such shift would add to the broader debate about the global role of the dollar. Still, declaring “the end of the petrodollar” would be a strong call. As with other de-dollarisation themes we’ve covered, the reality seems to be less dramatic than the media headlines. We support the approach of looking separately at trade invoicing and asset allocation. On the trade side, China’s growing importance as a buyer of Gulf energy, the gradual build-out of renminbi payment infrastructure, and renewed interest in alternative payment channels are all relevant. But the international role of the dollar also depends on where the savings of major energy exporters are ultimately allocated. That is the key question we address in this article; the broad conclusion is that some petro-settlement and investment activity may become marginally more diversified, but the core of the petrodollar system still looks much harder to dislodge. Executive summary • Shift in oil settlement: evidence inconclusive. March 2026 saw a pick-up in renminbi settlement activity via China’s Cross-Border Interbank Payment System (CIPS), coinciding with the outbreak of the Iran war, but volumes moved closer to normal in April and May. SWIFT trade finance data also shows only a modest March spike after an earlier upward trend in 2022–2024. China’s growing role in the Gulf is a watch factor, with its share in GCC exports and imports nearly doubling over the past decade to about 21%, alongside a build-up in non-dollar settlement infrastructure through the UAE-China swap agreement, mBridge cooperation and the UAE central bank’s memorandum of understanding with CIPS.