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US and EU have frozen Iran's assets in Western currencies and put an embargo on Iranian exports, 90% of which are oil. Now Eastern countries such as India will be Iran's main customers, and it would make no sense for them to keep buying Iranian oil in dollars.
I actually hope for an oil shortage in the Western world. Yes, there would be tough years, but throughout history it was always during periods of limitation that humanity was forced to make most progress. Once we stop being addicted to oil, we can finally stop caring about the Middle East. Then, while India and China are still dependent on diminishing supplies of oil, we would already have an alternative.
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