Which 1970s market crisis followed the 1973 oil shock and a prolonged bear market in major Western exchanges?

The market crisis following the 1973 oil shock and a prolonged bear market was the 1973–1974 stock market crash.

From January 1973 to December 1974, major stock indexes in the United States and other Western markets suffered severe losses. The Dow Jones Industrial Average fell about 45% from its January 1973 peak to its December 1974 low.

The crash unfolded amid high inflation, economic stagnation, the 1973 oil crisis, and the end of the postwar expansion. The Watergate scandal and the resignation of President Richard Nixon added to political uncertainty in the United States.

The expression “stagflation” became especially associated with this era because economies faced weak growth and high inflation at the same time. This crash was separate from the 1970 decline and from the 1979 energy shock.