Which 1973–1974 stock-market crash followed the oil crisis and ended with a major fall in the FT 30?

The 1973–1974 stock-market crash was the major decline that followed the oil crisis and devastated markets in Britain and other countries.

The crash unfolded after the Yom Kippur War, when Arab members of OPEC imposed an oil embargo on countries supporting Israel. Oil prices rose sharply, fueling inflation and weakening economic growth. Investors also faced political uncertainty, wage pressures, and falling corporate profitability.

In the United Kingdom, the Financial Times Ordinary Share Index, commonly called the FT 30, lost a very large portion of its value between its 1972 peak and 1974 low. Wall Street also suffered: the Dow Jones Industrial Average reached a low in December 1974 after a prolonged decline.

The episode is often associated with stagflation, a combination of weak growth and high inflation. It differed from the 1929 crash because the central problem was not only speculative collapse but also an energy shock and broad macroeconomic instability.