Saudi Arabia's petrodollar agreement ended today. 80% of the oil traded is priced in oil, but as more and more countries trade oil in their own currencies, demand for the dollar will fall over time, driving up the price of dollar-denominated assets like oil, gold and commodities.
https://kitco.com/news/article/2024-06-13/saudi-arabia-ends-petrodollar-agreement-what-it-means-u...