Which 1973 event is widely cited as a trigger of the 1973–74 global stock-market crash?

The 1973 oil crisis is widely cited as a trigger of the 1973–74 global stock-market crash.

In October 1973, Arab members of OAPEC announced an oil embargo against countries viewed as supporting Israel during the Yom Kippur War. Oil prices rose dramatically, creating inflation, supply disruptions, and fears of a worldwide recession. The shock hit economies already facing monetary and political pressures.

Stock markets had begun weakening before the embargo, particularly after a long bull market and rising inflation. The oil crisis nevertheless deepened the downturn and helped turn a market decline into a broad international financial crisis. In the United States, the bear market lasted from January 1973 until October 1974.

The crash is sometimes confused with the 1970s energy crisis as a whole. The 1973 oil crisis was the specific geopolitical and supply shock most closely connected with the start of this episode. The later 1979 oil shock added further economic strain but was not the original trigger.