1973 oil embargo
The 1973 oil embargo was a significant event in which members of the Organization of Arab Petroleum Exporting Countries (OAPEC) decided to stop oil exports to countries that supported Israel during the Yom Kippur War. This action aimed to leverage oil as a political tool and resulted in a dramatic increase in oil prices and fuel shortages in many countries, particularly in the United States and Western Europe.
The embargo lasted from October 1973 to March 1974, leading to widespread economic disruption. It highlighted the vulnerability of nations dependent on imported oil and prompted many to seek alternative energy sources and develop strategic reserves, reshaping global energy policies for years to come.