Which global stock-market crash followed the oil shock and high inflation of 1973–1974?

The global stock-market crash that followed the oil shock and high inflation of 1973–1974 was the 1973–1974 stock-market crash.

The downturn unfolded after the Yom Kippur War, when Arab members of OPEC imposed an oil embargo on countries supporting Israel. Oil prices rose sharply, contributing to inflation, weaker consumer purchasing power, and slower industrial activity. At the same time, the collapse of the Bretton Woods fixed-exchange-rate system created additional monetary uncertainty. Investors reduced exposure to shares as profits and economic growth deteriorated.

In the United States, the Dow Jones Industrial Average fell about 45% from its January 1973 peak to its December 1974 low. Britain and other markets also suffered major declines. The crash is often discussed together with the 1970s stagflation crisis, but stagflation was the broader economic condition of stagnant growth combined with inflation. The oil shock was an important trigger, not the sole cause: monetary policy, wage pressures, currency changes, and earlier valuation levels also mattered.