9. The OPEC Oil Embargo (1973-1974)
In October 1973, during the Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an oil embargo targeting nations supporting Israel, including the United States, the Netherlands, Portugal, and South Africa. This embargo led to a significant increase in oil prices, with the price per barrel first doubling, then quadrupling, imposing skyrocketing costs on consumers and structural challenges to the stability of whole national economies. The embargo’s impact revealed the global dependence on energy trade routes and prompted a reevaluation of international energy policies (history.state.gov).
