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The temporary cease‑fire in the US‑Israel‑Iran war has given Iran and China a strategic opening to challenge the US dollar’s supremacy in global finance. Both nations share a common objective: to reduce reliance on the greenback, especially in the oil sector where, according to a 2023 JP Morgan estimate, roughly 80% of transactions are settled in dollars. In a practical step toward this goal, Iran’s de‑facto toll‑booth system in the Strait of Hormuz—a chokepoint that handles about one‑fifth of the world’s oil and LNG shipments—has started accepting transit fees in Chinese yuan. Lloyd’s List reported that at least two vessels had already paid in yuan by March 25, and China’s Ministry of Commerce later acknowledged the reports on social media. Iran’s embassy in Zimbabwe even called for the introduction of a “petroyuan” to the global oil market, underscoring the political symbolism of the move. While Tehran pledged to guarantee safe passage for two weeks under a US‑brokered cease‑fire, Beijing declined to comment. Harvard economist Kenneth Rogoff told Al Jazeera that Iran’s actions serve a dual purpose: they “poke a thumb in the United States’s eye” and provide a practical alternative to dollar‑based sanctions. Rogoff added that Iran’s shift to yuan aligns with China’s broader effort to redenominate trade among BRICS nations. For both countries, the yuan offers a way to sidestep US sanctions and lower transaction costs. Their trade relationship, cemented by a 25‑year strategic partnership signed in 2021, sees China buying over 80% of Iran’s oil—often at discounted rates—while Iran imports Chinese machinery, electronics, chemicals, and industrial components. Data from Kpler and TankerTrackers indicate that, despite the conflict, Iran’s oil exports to China have remained near pre‑war levels, ranging between 12 million and 13.7 million barrels in the first two weeks of hostilities. China’s ambition to elevate the yuan is long‑standing. President Xi Jinping, in a 2024 address, expressed hope that the yuan would become a global reserve currency. Yet significant hurdles remain: the yuan is not freely convertible due to strict capital controls, and the Chinese financial system is perceived as opaque, limiting broader adoption. According to the IMF, the dollar still dominated global foreign‑exchange reserves at 57% last year, far ahead of the euro’s 20% and the yuan’s modest 2%. Cross‑border trade settled in yuan rose to 3.7% in 2024, up from under 1% in 2012, per S&P; Global—an encouraging but limited shift. Natixis chief economist Alicia Garcia‑Herrero cautioned that the Strait of Hormuz experiment adds only “incremental pressure” and that a true “de‑dollarisation” would require Gulf states, which have priced oil in dollars since the 1970s in exchange for US security guarantees. European analyst Hosuk Lee‑Makiyama highlighted that China’s ability to supply Iran with essential goods makes the yuan a viable alternative, a dynamic not possible for Europe or Japan. He described China as the closest the world has seen to a “manufacturing one‑stop shop.” Consultancy founder Dan Steinbock echoed that while the dollar’s supremacy is unlikely to crumble overnight, the gradual increase in yuan usage could “chip away” at US dominance in specific sectors over time. Rogoff concluded that the long‑term impact hinges on the war’s outcome. If Iran and China emerge stronger, many countries may diversify away from the dollar to avoid US‑imposed financial constraints. Conversely, a decisive US victory could reinforce dollar hegemony for the foreseeable future.

James, the Manchester‑originated nine‑piece, have turned a five‑decade career into a living testament to longevity, headlining arenas while celebrating the surprise success of their 2024 album Yummy, which finally secured a UK No.1 spot 42 years after the band first formed.The group continues to defy conventional touring formulas. Frontman Tim Booth describes their shows as “crazy, idiosyncratic,” with nightly set‑list revisions and unreleased songs that often lack finished lyrics. One such piece, the eight‑minute “Nantucket,” features a wordless chorus, an electro‑violin groove and verses that proclaim a mission to inspire, embodying the band’s experimental spirit.Rather than relying solely on a greatest‑hits marathon, the two‑hour, 21‑song performance weaves in moody interludes, deep‑cut selections, and influences ranging from Brian Eno’s ambient textures to the pulsating beats of Italian house. Lyrical barbs aimed at billionaires and organized religion sit alongside anthemic warmth, creating a communal atmosphere. The opening number “Come Home” subtly nods to Booth’s Leeds roots, while trumpeter Andy Diagram sports a “No more war” T‑shirt, and Booth often reaches out to audience members, reinforcing the show’s inclusive vibe.Driving the rhythm is veteran drummer David Baynton‑Power, complemented by recent additions Chloe Alper and Debbie Knox‑Hewson, who inject fresh sonic layers. Booth, now 66, remains the band’s charismatic talisman, occasionally appearing on a balcony for “Born of Frustration” and the soaring “Say Something,” moments that feel almost ritualistic. Arena‑sized sing‑alongs erupt during “Getting Away With It (All Messed Up)” and the classic “Sit Down,” and when Booth finally dives off the stage, he is hoisted aloft by a sea of hands, underscoring the band’s unique connection with fans.The concert at P&J Live in Aberdeen on 7 April exemplified why James remains a special, brilliant force in live music, continuing a tour that proves their relevance and humanity endure across generations.

The ongoing conflict between Iran and the US-Israel alliance has severely disrupted shipping through the Strait of Hormuz, a vital passage for about a fifth of the world's oil and gas supplies and a third of global fertilisers necessary for food production.Before the conflict, an average of 138 ships a day transited the strait. However, following the escalation, 100 vessels have exited the Gulf and only 40 have entered in the past month, according to Lloyd’s List Intelligence.Despite over 20 reported attacks on ships in the region, including near-misses and damage to vessels, some ships are still attempting to cross, with Iran permitting 'non-hostile vessels' to use a 'safe corridor' in its territorial waters. This route allows Iranian authorities to visually verify vessels and potentially demand payment for safe passage.The International Maritime Organization (IMO) has raised concerns about the 20,000 seafarers stranded in stressful conditions with dwindling supplies. Over 30 countries have agreed to work together to safeguard the strait, with the UK offering to host an international security summit to devise a plan to reopen it.