> This is a bit of popular myth on sites like this but isn't supported by economists, historians or people in finance. The total volume of oil trade is small fraction of total global trade or capital flows.

What's a popular myth? That oil, still the strategic commodity worldwide, plays a large role in the USA's security relationships and use of the USD is, written or unwritten, a tacit part of those relationships?

That's completely wrong and you have a lot of reading to do to understand the entire post-WWII geopolitical order. Oil is receding yes, but it's still critical and you can't understand anything about the postwar security order - which is very closely tied to the rise of the USD - until you understand that.

I mean, the Nimitz is in the Persian Gulf right now keeping the sea lanes open for their client states in the region. That's the USA's part of the deal right there.