Is the US dollar's dominance of the oil market over?

For decades oil has been priced and settled in US dollars, but a growing number of transactions are being conducted in other currencies.

The shift is driven partly by sanctions policy, which has encouraged some exporters and buyers to look for alternatives.

Analysts caution that the dollar's role is underpinned by deep financial markets that no rival currency currently matches.

The more likely outcome is gradual erosion at the margins rather than a sudden change of regime.