Which 1973 event is commonly identified as the trigger for the global stock-market crash of 1973–1974?

The 1973 oil crisis is commonly identified as the major trigger for the global stock-market crash of 1973–1974.

In October 1973, Arab members of the Organization of Petroleum Exporting Countries proclaimed an oil embargo against countries seen as supporting Israel during the Yom Kippur War. Oil prices rose sharply, creating inflationary pressure and raising fears about weaker economic growth. Equity markets were already vulnerable after years of rising prices, monetary strain, and changing economic conditions.

The crash was international rather than limited to one exchange. In the United States, the Dow Jones Industrial Average lost roughly 45% between its January 1973 peak and December 1974 low. The period is often described as stagflationary because inflation and unemployment were both serious problems. The oil crisis was an important catalyst, but it was not the sole cause of the bear market.