1973 oil crisis

The 1973 oil crisis was a global petroleum supply crisis triggered by an Arab oil embargo. It sharply raised prices and disrupted economies, especially in oil-importing countries.

1973 oil embargo: An oil-export restriction imposed by Arab members of OAPEC against countries supporting Israel during the Yom Kippur War. The embargo restricted shipments to targeted countries and gave the crisis its name.
Stagflation: An economic condition combining high inflation, weak or stagnant growth, and elevated unemployment. Higher energy costs added inflation while the supply shock weakened economic activity.
Six-Day War: The 1967 war in which Israel fought Egypt, Jordan, and Syria and captured territories from them. Its territorial aftermath remained central to Arab-Israeli tensions when the embargo began.
1979 oil crisis: A major oil supply disruption following the Iranian Revolution and the subsequent Iran–Iraq War. Unlike the 1973 embargo, this crisis grew from revolution and war disrupting Iranian production.
Organization of Arab Petroleum Exporting Countries: An organization of Arab oil-exporting states founded in 1968 to coordinate petroleum policies and cooperation. OAPEC members announced the embargo and production cuts that tightened supply.
Energy crisis: A disruption in the supply or affordability of energy that threatens economic and social activity. The petroleum shortage became a broader crisis of energy access and security.
Arab–Israeli conflict: A prolonged political and military conflict involving Israel and Arab states and communities in the region. The embargo linked petroleum policy to the wider conflict over Israel and Arab interests.
2022 energy crisis: A global energy-price and supply disruption intensified by Russia's invasion of Ukraine and post-pandemic demand recovery. It shows how later geopolitical shocks affected energy markets with different fuels and supply routes.
Yom Kippur War: The 1973 war in which Egypt and Syria attacked Israel, which was supported by the United States and other countries. The war prompted Arab oil exporters to use petroleum supply as political leverage.
Energy conservation: Reducing energy use through changes in behavior, technology, or production practices. Fuel shortages and high prices encouraged conservation measures in many countries.

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