1973 Oil Crisis (oct 1, 1973 – mar 1, 1974)

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In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) implemented a total oil embargo against countries that had supported Israel during the 1973 Yom Kippur War. The initial targets included Canada, Japan, the Netherlands, the United Kingdom, and the United States, with the list expanding to include Portugal, Rhodesia, and South Africa. In March 1974, OAPEC lifted the embargo, but oil prices rose by nearly 300%, with the United States having significantly higher prices than the global average. The 1973 embargo caused an oil crisis, causing short- and long-term effects on the global economy and politics. The 1973 embargo is now known as the "first oil shock" compared to the 1979 oil crisis caused by the Iranian Revolution.

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