The US dollar is used for oil and other commodities because we were once the primary supplier or consumer. After WWII, with Europe's and Japan's economies wrecked, the US granted generous aid in the form of the Marshall Plan and tolerated unfair access to US markets as a way of bolstering allied economies and and anti-Soviet political alliances.
So even before WWII with Japan, we restricted or loosened trade with the US in pursuit of political goals. We were so much more trustworthy than the European colonial powers that the Saudis formed Aramco with the US because they saw the US would not rob them blind, unlike BP, Royal Dutch Shell, and the French oil companies. We didn't even blockade Cuba (except for Soviet missiles) and simply cut off trade.
The outflow of dollars (trade and investment deficits) is what made the US dollar the "reserve" currency. When do you think China or India or Europe will ever run trade deficits to enable such a reserve to be built up? Never. The BRICS will always be a barter system, a COMECON v2, where Russia for example exchanges oil and gas for Chinese made goods, with China eventually squeezing Russia for all it can get, just as the Soviet Union squeezed its Warsaw Pact vassals.
The big difference now is that we tried the unfair trade route to mollify the Chinese leadership. This policy has been a catastrophe for the United States and has created an enemy that rivals the US not only in military but also economic power.
That's really what the BRICS are about: forming an economic bloc capable of operating without political pressure from the West, which in fact will result (if it succeeds at all) in its members become economic vassals of China, a far worse and more dominating thief than the US has ever been. As an association of thieves and leftists, it has little chance of long term survival as long as the West maintains some form of unity.
We are seeing a change after 500 or so years of western empires. Our empire is the Trade Dollar.
Much like in the 70s when every Visa transactions miniscule fractional payments prompted Japan to launch their first satellite which the funds were recovered in 3 years of Japanese purchases, the use of western financial instruments and institutions are kinda like having an i visible work force bri ging profit back to the US.
No has likened these tiny fees to taxes, but it can be very profitable for the US, who stands to lose this income flow level.
The EU has lived off hostage developing nations who could never profit to lift themselves up due to the likes of France, Belgium, Britain, Italy.... All reaped excessive benefits from what is called free trade.
As the west loses influence, much from installed governments and owned officials, the eventual moment in time is arriving where Brics is the trade bloc allowing countries to achieve trade beneficial to themselves as well as their trade partners.
Sleepy Joe, the hoe, blinkey Blinken dropped the ball representing the long term diplomatic and trade for America... they were to busy lining their pockets, and never thought they COULD BE VOTED OUT OF OFFICE. This crew shortcut International agreements, broke treaties and deals, and made short term efforts to beat Russia- impatiently losing everything in the process. The petrol dollar, now the trade dollar. They lost the Trsst of world because they literally did not care about how they treated the world. In fact they lost the gains from the coup in Ukraine as well.