Is the petrodollar a war casualty or death greatly exaggerated?

Since the United States and Israel attacked Iran on February 28, the number of articles proclaiming the death of the petrodollar increased nearly as quickly as the price of oil. As a representative headline in the Japan Times declared, the Iran war “just broke the petrodollar.”These headlines only tell part of the story. There is little doubt that the war has done major damage to the petrodollar by driving up oil prices and U.S. bond yields, among other variables. But this has only accelerated a...