UAE may abandon dollar for oil without US aid

The United Arab Emirates is in talks with the United States for emergency financial support, fearing its reserves could be depleted by the economic fallout from the conflict with Iran. Emirati authorities have explicitly warned that if the US does not provide this aid, they may abandon the US dollar for oil settlements, switching to the Chinese yuan or other currencies. This move, reported by the Wall Street Journal, directly threatens the dollar's dominance in the global oil market. The UAE argues that the US decision to attack Iran has drawn it into a conflict with unpredictable consequences, necessitating this contingency planning.