An "Oil Shock" refers to a sudden and significant increase in oil prices, often caused by geopolitical events, natural disasters, or changes in supply and demand. These shocks can lead to economic instability, affecting everything from transportation costs to consumer prices. Historically, major oil shocks have occurred during events like the 1973 Oil Crisis, when OPEC imposed an oil embargo, leading to widespread fuel shortages and inflation in many countries. Such shocks can have long-lasting effects on economies, prompting shifts toward alternative energy sources and changes in energy policies.