Iran plans to switch from dollars to Euros on the country's oil trading market, a move that could weaken the dollar, whose value has fallen sharply the past year. "Iran has really gone and done it now," commented the Saudi Gazette.

It wrote, "The consequences are horrendous: with the dollar no longer the sole currency with which to trade oil, its credibility as the benchmark has weakened gravely and thrown all world currencies into a tailspin."