Iran may have been instigated by a currency war. Perhaps peace in Ukraine and with a ongoing deal with Russia to buy oil plus better protection of Saudi oil will help keep prices down in the meantime.
Was Iran planning to exchange the dollar to Euro for oil? Yes
- Oil Payments in Euros: In 2016, the National Iranian Oil Company (NIOC) stated a clear preference to receive both new and outstanding oil revenues from international buyers—such as India—in Euros instead of U.S. dollars.
- Official Currency Shift: In April 2018, the Iranian government officially announced that all ministries, state organizations, and public companies would replace the U.S. dollar with the Euro as the country’s official foreign financial reporting currency to mitigate political tensions and trade restrictions tied to Washington
How was Iran going to use other currencies to attack the USD.
Instead, the conflict and economic strategy involving Iran have centered on tighter supplies, disrupted shipping, and efforts or proposals to shift away from the U.S. dollar toward alternative currencies like the Chinese yuan.
- Oil Supply Disruptions: Rather than flooding global markets, the ongoing war and tensions around the Strait of Hormuz have severely restricted or disrupted energy flows, leading to global oil price spikes and emergency stockpile releases rather than a surplus. [1, 2, 3]
- Currency Shifts (Yuan instead of Euros): Reports and strategic analyses point to Iran exploring or tying oil trade options to alternative non-dollar currencies—most notably the Chinese yuan—as part of broader de-dollarization efforts, rather than organizing a massive push into euros. [1]
- Storage and Production Pressures: At times during the conflict, reports indicated that constrained export and storage capacities caused logistical backups or local marine discharge/sickness near terminals like Kharg Island.