An oil crisis occurs when there is a sudden disruption in the supply of oil, leading to significant increases in oil prices and economic instability. These crises can be caused by geopolitical events, natural disasters, or changes in production levels by major oil-producing countries, such as those in the Organization of the Petroleum Exporting Countries (OPEC). Historically, oil crises have had widespread effects on global economies, influencing everything from transportation costs to inflation rates. Notable examples include the 1973 oil embargo, when Arab nations restricted oil exports to countries supporting Israel, causing fuel shortages and economic turmoil in many parts of the world.