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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 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 ...
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.
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 ...
And the Israel-Hamas war threatens to bring back another bad memory from the 1970s—a second oil shock. In 1979, the Iranian Revolution crippled Iran’s oil production, reducing global crude ...
17 October – The Arab Oil Embargo against several countries which allegedly support Israel triggers the 1973 energy crisis. 21–22 October – Third Battle of Mount Hermon: towards the end of the war, Israeli troops manage to capture the Israeli outpost and the Syrian outpost on Mount Hermon.
For Tokyo, this approach has been driven by painful memories of the 1973 oil crisis, when Middle East producers issued an embargo targeted at nations, including Japan, that supported Israel during ...