Good article by Julian Phillips. Here's a snippet:
"The collateral damage from this exercise embraced China, India and other nations, who were the customers of Iran. It has become clear to these nations that the power in the hands of the U.S. in oil matters is far too great for their future, and that they should be making plans to remove the impact of that power. If they are (China in particular) to be able to make their own decisions in the future -particularly on oil and currencies-then they must develop a monetary system that is independent of the U.S.
"However, this will mean that the world must move from a world united under the USD to one where there is a fragmented monetary system with at least two parts. This break demands a period where uncertainty, fear confrontation, and conditions generally detrimental to financial harmony must be endured until a new order is established. The potential for damage to the current monetary system is huge as it will be the one in decline while the new system is on the rise..."