Which 1973–1974 stock-market crash occurred during the oil crisis and ended a long postwar bull market?

The stock-market crash during the oil crisis that ended a long postwar bull market was the 1973–1974 stock market crash.

Major equity markets fell sharply from early 1973 through late 1974. In the United States, the S&P 500 lost roughly 48% from its January 1973 peak to its October 1974 low. The bear market followed years of inflationary pressure and weakening economic conditions.

The 1973 oil crisis intensified the downturn after the Organization of Arab Petroleum Exporting Countries announced an embargo against states supporting Israel during the Yom Kippur War. Oil prices rose dramatically, contributing to inflation, recession, and pressure on corporate profits.

The crash is closely associated with stagflation, a difficult combination of high inflation and weak growth. It is sometimes grouped with the 1970s energy crisis, but the market decline had multiple causes, including monetary policy, wage pressures, and the collapse of confidence in major companies.