The 1973 oil crisis was a major global energy shock triggered when Arab members of OPEC imposed an oil embargo on countries supporting Israel during the Yom Kippur War. It marked the first large-scale use of oil as a geopolitical weapon.
The embargo led to a sharp reduction in oil supply and a fourfold increase in prices, causing inflation, economic slowdown and energy insecurity worldwide. It also prompted long-term structural changes, including energy diversification, strategic petroleum reserves and shifts in global financial systems.
APSC Relevance: Important for world history, energy geopolitics and global economic changes.
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