What was the 1973–1974 worldwide stock-market decline during the oil crisis called?

The 1973–1974 worldwide stock-market decline during the oil crisis was called the 1973–1974 stock market crash.

The crash unfolded amid high inflation, recession, political uncertainty, and the 1973 oil crisis. After the Yom Kippur War, members of the Organization of Arab Petroleum Exporting Countries imposed an oil embargo on countries they viewed as supporting Israel. Oil prices rose sharply, worsening inflation and damaging economic activity in many countries.

In the United States, the Dow Jones Industrial Average fell from its January 1973 peak to its low in December 1974. The bear market also reflected the Watergate scandal and the resignation of President Richard Nixon in August 1974.

The episode is sometimes called the 1973–1974 bear market rather than a single-day crash. Unlike Black Monday in 1987, it developed over nearly two years and combined market weakness with a broad inflationary recession.