An oil crisis refers to a significant disruption in the supply of oil, leading to sharp increases in oil prices and economic instability. These crises can occur due to various factors, including geopolitical tensions, natural disasters, or decisions made by oil-producing countries, such as those in the Organization of the Petroleum Exporting Countries (OPEC). One notable example is the 1973 oil crisis, when Arab oil-producing nations imposed an oil embargo on countries supporting Israel during the Yom Kippur War. This led to fuel shortages, long lines at gas stations, and a global economic downturn, highlighting the world's dependence on oil.