The ‘petrodollar’ has been weakening for years, economist warn. The Iran war put a spotlight on it

U.S. and Israel’s war on Iran has put a spotlight on the strength of the “petrodollar,” which makes up the cornerstone of America’s dominance over global trade, but economists warn the currency architecture has been eroding at its edges for years now. Analysts are heralding the 2020s as the biggest chance in the word’s relationship to the dollar since 1974, and every day the Iran war continues, the cracks in the old system grow wider and wider. To be sure, the dollar is still overwhelmingly dominant, but it’s just not the only game in town anymore. To understand this moment…