Which 1973–1974 bear market followed the 1973 oil crisis and ended with a major London Stock Exchange low?

The bear market that followed the 1973 oil crisis was the 1973–1974 stock market crash.

The decline affected major markets in the United States, the United Kingdom, and elsewhere. In the United States, the Dow Jones Industrial Average fell from its January 1973 peak to a low in December 1974. In Britain, the Financial Times Stock Exchange 30 Share Index reached a major low in January 1975. The downturn was associated with the oil shock, high inflation, recession, weak corporate profits, and political uncertainty including the Watergate scandal.

The oil crisis began after Arab oil-producing states imposed an embargo on countries supporting Israel during the Yom Kippur War. Oil prices rose sharply, increasing costs for businesses and households. Central banks also faced the difficult task of containing inflation without deepening economic weakness.

This episode is often remembered as a single global crash, but markets reached their lows at different times. It was a prolonged bear market rather than one isolated trading-day collapse, and its economic effects continued after the first shock.