Which oil-market event intensified the 1973–1974 global stock-market crash?

The 1973 oil crisis intensified the 1973–1974 global stock-market crash.

In October 1973, Arab members of the Organization of Petroleum Exporting Countries imposed an oil embargo on countries viewed as supporting Israel during the Yom Kippur War. The restriction and wider production cuts sharply increased oil prices.

Higher energy costs contributed to inflation, reduced consumer purchasing power, and weaker corporate profits in many oil-importing economies. Markets were already under pressure from economic slowdown and monetary instability, so the oil shock added a powerful new strain.

The crash unfolded over a longer period than a single dramatic trading day. In the United States, the Dow Jones Industrial Average fell substantially from its January 1973 level to its December 1974 low. The oil crisis was a major intensifier, not the sole cause of the market decline.