1973 oil crisis

In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced a total oil embargo against countries that had supported Israel during the 1973 Yom Kippur War. This embargo led to a significant increase in oil prices globally.

The embargo targeted Canada, Japan, the Netherlands, the United Kingdom, and the United States initially, and later expanded to include Portugal, Rhodesia, and South Africa. The price of oil rose by nearly 300% from US$3 per barrel to nearly US$12 per barrel globally.

The 1973 oil embargo caused an oil crisis, or "shock," with many short- and long-term effects on the global economy and global politics. This event is referred to as the first oil shock.