Here an article published on Aljazeera.com on April 30, 2006 – In the current ‘crisis’ over Iran’s plans to develop nuclear technology, the real reason for open U.S. hostility towards Iran is often over-looked. For the past few years, Iran has been planning to open its own oil exchange — the Iranian Oil Bourse (IOB) — with the alleged goal of becoming the dominant centre of the Middle East oil trade. Currently there are only two oil trading centres in the world; New York and London and both trade only in U.S. Dollars. What will make the proposed IOB different is that it has stated that it will trade in Euros not Dollars.
The dollar has long been the dominant currency for international oil trade and the U.S. economy has benefited hugely from this status as it has led to being the world’s largest reserve currency kept by State Banks the world over. It is an open secret that since the 1970’s, OPEC (i.e. Saudi Arabia) has been instructed by the U.S. to only trade in US Dollars.
Read the whole long article on this site of Aljazeera.com.