Iran, Oil and Euros: The War Scenario

Gwynne Dyer
Published: Wednesday, 02/22/2006 12:00 am EST

Here's the scenario. On March 20, Iran opens a new "bourse" (exchange) on which countries all over the world can buy and sell oil and gas not only for dollars but also for euros. It also establishes a new oil "marker" (oil pricing standard) based on Iranian crude and denominated in euros, in open rivalry to the existing West Texas Intermediate, Norway Brent and UAE Dubai markers, all of which are calculated in U.S. dollars.

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