Which 1970s market crash followed the oil crisis and ended the long postwar bull market?

The 1973–1974 stock market crash followed the oil crisis and ended the long postwar bull market. Major markets fell sharply as inflation, recession, political uncertainty, and energy shocks combined.

The crash began after years of strong gains in many markets. In 1973, the Yom Kippur War and the Arab oil embargo contributed to a dramatic rise in oil prices. Western economies then faced stagflation: weak growth alongside persistently high inflation. The Watergate scandal and other political stresses further damaged confidence.

This event was not a single day like Black Monday in 1987. It was a prolonged bear market lasting roughly from early 1973 into late 1974. In the United States, the Dow Jones Industrial Average lost more than 45% from its January 1973 high to its December 1974 low.