China’s Iran-Saudi Peace Deal Is Big Blow To Petrodollar
China surprised the world on March 10, announcing that it had successfully sponsored peace talks between rivals Saudi Arabia and Iran.
Four days of secret negotiations in Beijing led to a historic agreement in which the two West Asian nations normalized relations, following seven tense years without any official diplomatic ties.
Iraq had previously hosted peace talks between Saudi Arabia and Iran, but these were sabotaged in January 2020 when US President Donald Trump ordered a drone strike to assassinate top Iranian official Qasem Soleimani, who had been involved in the negotiations.