Which 1973–1974 global stock-market crash followed the Yom Kippur War and the OPEC oil embargo?

The 1973–1974 stock-market crash followed the Yom Kippur War and the OPEC oil embargo.

The Yom Kippur War began in October 1973 when Egypt and Syria attacked Israel. In response to support for Israel, Arab members of OPEC imposed an oil embargo on several countries and reduced production. Oil prices rose dramatically, worsening inflation and weakening economic growth in industrial economies.

Equity markets had already been vulnerable after years of strong gains and rising inflation. The Dow Jones Industrial Average fell from its January 1973 high to a low in December 1974, losing roughly 45% of its value. Britain, Japan, and other markets also suffered major declines.

The crash formed part of a wider period of stagflation, in which inflation remained high while output and employment weakened. It is distinct from the later 1979 oil shock, which followed the Iranian Revolution.