• In October 1973, the members of the OPEC led by Saudi Arabia proclaimed an oil embargo.
• The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War.
• By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US$3 per barrel to nearly $12 globally. US prices were significantly higher.
• The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy.