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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]
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 ...
The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, [1] Saddam Hussein's second invasion of a fellow OPEC member. Lasting only nine months, the price spike was less extreme and of shorter duration than the previous oil crises of 1973–1974 and 1979–1980, but the spike still contributed to the recession of the early 1990s in the United States. [2]
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.
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.
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 ...
U.S. President Donald Trump plans to restore his "maximum pressure" campaign on Iran including efforts to drive its oil exports down to zero in order to stop Tehran from obtaining a nuclear weapon ...
The oil strikes of 1978 were imperative to the Iranian Revolution's success, as they put extreme economic pressure on the Shah's regime. [138] Oil revenues are a significant part of the government's income and regardless of the motivation behind those who strike, oil strikes will always threaten to destabilize Iranian regimes. [140]