What was the severe 1973–1974 decline in global share prices, linked to oil shocks, called?

The severe 1973–1974 decline in global share prices was called the 1973–1974 stock market crash.

The crash unfolded during a period of high inflation, weak economic growth, and major energy disruption. The 1973 oil crisis began after Arab members of OPEC proclaimed an oil embargo against countries supporting Israel during the Yom Kippur War. Oil prices rose sharply, increasing costs for businesses and consumers.

In the United States, the Dow Jones Industrial Average fell about 45% from its January 1973 peak to its December 1974 low. The decline was part of a wider bear market affecting major financial centers, including London. The combination of inflation and stagnation became known as stagflation.

The episode is distinct from the 1987 crash, which featured a much faster one-day collapse. It is also separate from the 1970 recession, because the 1973–1974 decline combined an equity-market slump with an oil and inflation shock.