jan 1, 1973 - Oil crisis / Oil Shock

Description:

OPEC decided to proclaim an embargo. This embargo was targeted at nations that supported Israel during the Yom Kippur War.
The prices of oil had risen more than 300% globally and left many short and long-term effects globally.
For one it was part of the reasons for the great inflation which was raging in those years.
It also caused one of the steepest recessions in 1974/1975 since the 1930s. The World Financial Market was hit hard after two very important banks failed - the Franklin National Bank in the USA and the Bankhaus Herstatt in West Germany, both in 1974.

Added to timeline:

Date: