1. Global Oil Supplies Were Suddenly Cut Off
In October 1973, in response to Western support for Israel during the Yom Kippur War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an oil embargo on the United States and other nations aiding Israel. This action led to severe oil shortages and a significant spike in global oil prices, profoundly impacting economies worldwide. (britannica.com)



