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In 1980, following the onset of the Iran–Iraq War, oil production in Iran fell drastically. Iraq's oil production also dropped significantly, triggering economic recessions worldwide. Oil prices did not return to pre-crisis levels until the mid-1980s. [4] Oil prices after 1980 began a steady decline over the next 20 years, except for a brief ...
On 18 April, the attack destroyed, damaged, or sank two Iranian oil platforms, three warships, several armed boats, and two fighter jets. Two U.S. Marine aviators died when their helicopter crashed into the Gulf. The attack pressured Iran to agree to a ceasefire with Iraq later that summer, ending the eight-year Iran-Iraq War. [6]
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
Ruhollah Khomeini becomes the Supreme Leader of Iran; Iran hostage crisis; Beginning of the Iran–Iraq War in 1980; Hijab for all women by law; 1979 oil crisis; Massive exile that characterizes a large portion of today's Iranian diaspora; Islamic revival worldwide [3] International sanctions against Iran; Anti-Americanist regime change
Operation Nimble Archer was the 19 October 1987 attack on two Iranian oil platforms in the Persian Gulf by United States Navy forces. The attack was a response to Iran's missile attack on MV Sea Isle City, a reflagged Kuwaiti oil tanker at anchor off Kuwait, which had occurred three days earlier.
Iran's total oil production reached a peak level of 6.6 Mbbl/d (1,050,000 m 3 /d) in 1976. By 1978, Iran had become the second-largest OPEC producer and exporter of crude oil and the fourth-largest producer in the world. After a lengthy decline in the 1980s, production of crude oil began to increase steadily in 1987.
From 1987 to 1989, US special-operation units deployed to the Persian Gulf for Operation Prime Chance.