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West Texas Intermediate oil price history from 1950–2000, adjusted for inflation (1947 prices). In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) announced that it was implementing a total oil embargo against countries that had supported Israel at any point during the 1973 Yom Kippur War, which began after Egypt and Syria launched a large-scale surprise attack ...
The Yom Kippur War of 1973, with the supplying of Israel by its Western allies while some Arab states received Soviet supplies, made this one of the most internationally threatening confrontations of the period. The large oil discoveries in the Middle East gave some Muslim countries unique leverage in the world, beginning in the 1960s. The 1973 ...
The Yom Kippur War, also known as the Ramadan War, the October War, [43] the 1973 Arab–Israeli War, or the Fourth Arab–Israeli War, was fought from 6 to 25 October 1973 between Israel and a coalition of Arab states led by Egypt and Syria. Most of the fighting occurred in the Sinai Peninsula and Golan Heights, territories occupied by Israel ...
The Israel-Hamas conflict has revived memories of the Yom Kippur War that sparked the 1973 oil crisis. Deutsche Bank’s strategists even warned this week that the odds of 1970s-style stagflation ...
12 October – US President Richard Nixon authorizes Operation Nickel Grass, an overt strategic airlift to deliver weapons and supplies to Israel, after the Soviet Union began sending arms to Egypt and Syria. 17 October – The Arab Oil Embargo against several countries which allegedly support Israel triggers the 1973 energy crisis.
This, along with the contemporaneous failure of major pricing and production negotiations between the exporters and the major oil companies, led to the 1973 oil crisis. Nevertheless, Israel continued to receive support and the war came to an end on 25 October following a ceasefire. OAPEC lifted the embargo in March 1974.
Strikes between Hezbollah and Israel are ramping up, fuelling fears of an all-out war. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us ...
The war was the catalyst for the 1973 oil crisis, a Saudi-led oil embargo in conjunction with OPEC against countries trading with Israel. Severe shortages led to massive increases in the price of oil, and as a result, many countries broke off relations with Israel or downgraded relations, and Israel was banned from participation in the Asian ...