The 1973 event triggered by an oil embargo that helped cause a major global stock-market downturn was the 1973 oil crisis.
Members of the Organization of Arab Petroleum Exporting Countries announced an oil embargo in October 1973. The action targeted countries viewed as supporting Israel during the Yom Kippur War, including the United States and several European states.
Oil prices rose sharply, creating inflation, supply concerns, and slower economic growth. Stock markets weakened as companies faced higher energy costs and investors anticipated recession. In the United States, the downturn became part of a prolonged bear market that lasted into the mid-1970s.
The oil crisis was not itself a stock-market crash in the narrow sense. It was a major economic shock that helped drive a broader market decline. The 1979 oil crisis was a separate episode associated with the Iranian Revolution.