New Delhi, March 27 -- The consensus view that the U.S. war with Iran is putting a key component of its economic might at risk was challenged on Thursday by an analyst who argues a victory for President Donald Trump will ultimately cement the dollar's role as the world's dominant currency.

Iran's effort to leverage control of the Strait of Hormuz, and disrupt global energy markets, alongside a tariff regime put in place by President Trump last year that has complicated global trade relations, is testing the so-called Petrodollar system put in place during the early 1970s.

Established during the peak of the Arab oil embargo of 1973, the agreement effectively ensures that all countries buy and sell oil based on prices set in dollars. That...