The Iran conflict has raised fundamental questions about the petrodollar system. Since 1974, this system has served as the foundation for a bargain between the U.S. and Gulf nations, trading oil for security. As the U.S. has become energy independent, it has significantly reduced its reliance on Gulf oil. Now, the Trump administration has attempted to disrupt the sensitive and volatile Middle East region.Such events demonstrate that the U.S. is no longer the guarantor of security in the Middle East, but rather a source of instability and conflict. The petrodollar agreement between the U.S. and Gulf nations is becoming practically...