In November 2000, Saddam Hussein announced Iraq would sell oil under the UN Oil-for-Food program in euros instead of dollars. At the time, this was described as a political statement rather than an economic threat. The U.S. invaded Iraq in March 2003 -- and one of the first acts of the post-invasion administration was switching Iraqi oil sales back to dollar denomination. While the stated reason for invasion was WMDs (which were never found), the euro-dollar connection has been noted by multiple geopolitical analysts.
Iraq switched oil sales from dollars to euros in 2000 -- the U.S. invaded in 2003 and immediately switched them back
βThe real reason for invading Iraq was not weapons of mass destruction -- it was Saddam's decision to sell oil in euros, threatening the petrodollar system.β
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