Which commodity shock is closely associated with the 1973–1974 stock-market crash?

The 1973–1974 stock-market crash was closely associated with the 1973 oil crisis.

In October 1973, Arab members of OPEC and several other oil producers imposed an embargo or reduced supplies to countries seen as supporting Israel during the Yom Kippur War. Oil prices rose sharply, adding inflationary pressure and weakening economic growth in many importing countries.

Equity markets had already been vulnerable after years of inflation, monetary tightening, and disappointing economic performance. The Dow Jones Industrial Average fell about 45 percent from its January 1973 peak to its December 1974 low, while major markets elsewhere also suffered.

The 1973–1974 crash is often discussed together with the broader 1970s inflation crisis, but the oil crisis was the named commodity shock most directly connected to it. The 1979 oil crisis was a later event linked to the Iranian Revolution.