The parallel with Suez is far less far-fetched than it seems.
In 1956, what killed the pound sterling wasn't a British military defeat in the strict sense. It was the fact that the crisis revealed London no longer truly controlled the order upon which its currency depended. Great Britain still had weapons, a fleet, and imperial reflexes, but it could no longer single-handedly guarantee the routes of its own system. And when Washington refused to support the pound, the whole picture collapsed.
Strait of Hormuz could play the same role for the United States. Not because the dollar is going to collapse tomorrow, nor because the yuan is poised to take its place as the world's reserve currency. But because if the United States fails to reopen Strait of Hormuz, or appears politically incapable of paying the price, then a very simple question arises: what exactly is the point of the dollar's hegemony if it no longer guarantees the routes of energy and global trade?
This is where China comes in. Beijing doesn't need to replace the dollar overnight. It simply needs to become the indispensable intermediary, the substitute guarantor, or simply the credible alternative for the Gulf and Asian countries. From there, it can demand its counterpart: a few more oil payments in yuan, a few more bilateral contracts outside the dollar, a few more new financial habits. It's not spectacular, but that's how systems shift: first in flows, then in minds, and only much later in reserves.
The most perverse aspect for Washington is that markets can continue to favor the dollar in the short term while beginning to doubt the American system in the long term. The dollar can rise because there's no better refuge in chaos, even as that chaos slowly erodes the credibility of the American order. So yes, the dollar can hold up in the market and simultaneously crumble as the world's architecture.
The real threat, therefore, is not the petroyuan's grand finale. The real threat is the gradual disappearance of American dominance. The day bankers in the Gulf, Asia, and Africa begin to say not "we must get out of the dollar immediately," but "we must prepare for the day when we can be a little less dependent on it," then the process has already begun.
Suez announced the end of an order before people were even ready to see it. Hormuz could do the same: not announce the immediate end of the dollar, but reveal that the power that sustains it is no longer as naturally capable of ordering the world as it believed.