In a recent news, Saudi and Iran, two sworn enemies, have accord peace between them. And the one who was able to make this happen is China. Their difference in religious view was the cause of it, but I don't want to get into that here. Also the conflict includes war in Yemen and Syria. This is huge news.
China needs constant flow of oil from them and that's the reason why they agreed under some conditions. If you want to read more about it in detail follow this link to an article.
What You Need to Know About China’s Saudi-Iran Deal



There's been some rumors that Saudi wants to settle their oil trades in Yuan (China's currency) replacing the Dollar. If this happens, the Dollar's global reserve currency status will be in serious question. And one more thing, Saudi and Iran could join the BRICS (Brazil, Russia, India, China). If this is to happen, it will become one of the largest oil producing alliance. This is like half of the global population, where US is not a part of it.
How much of an impact this could have on the global economy and how bad or good is it?