Kevin Hassett confirmed the U.S. would provide a currency-swap line to the UAE if its economy is jolted by the U.S.-Israeli war on Iran, though he said it likely won’t be necessary. The UAE subtly threatened to use Chinese yuan for oil sales if Washington does not comply, potentially eroding the petrodollar system. The Iran war has destabilized the UAE economy with missile attacks, slowed oil exports and dented Dubai’s tourism appeal, despite the UAE’s deep pockets and $1 trillion sovereign wealth fund. Analysts say the U.S. dollar is likely to remain dominant for Gulf oil sales, though the conflict…
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