A six-month embargo quadrupled oil prices and rewired the global economy

In October 1973, Arab OPEC members cut off oil exports to the US and other nations supporting Israel in the Yom Kippur War. The price of crude oil roughly quadrupled within months, triggering fuel shortages, rationing and stagflation across the West, and permanently shifting how much political leverage oil-exporting nations held over the economies that depended on them.

— Organization of Arab Petroleum Exporting Countries, 1973 Oil Crisis — October 1973 – March 1974