The 1973 oil crisis helped trigger the 1973–1974 stock-market crash through a major oil-price shock.
In October 1973, Arab members of OPEC imposed an oil embargo on countries viewed as supporting Israel during the Yom Kippur War. Oil prices rose dramatically, creating inflationary pressure and increasing costs for transport, manufacturing, and households.
The resulting combination of high inflation and weak economic growth became known as stagflation. Equity markets suffered as investors faced lower corporate profits, tighter monetary policy, and uncertainty about energy supplies. The bear market in the United States lasted from January 1973 until December 1974.
The 1979 oil crisis was a separate event associated with the Iranian Revolution. Both shocks affected economies, but the earlier crisis is the one directly linked to the 1973–74 crash and the Yom Kippur War embargo.