1973 oil embargo
Arab members of OPEC cut oil production and embargoed the United States and the Netherlands in response to US support for Israel in the Yom Kippur War. Prices quadrupled from about $3 to $12 a barrel within months.
Gasoline lines formed across the US; the dollar weakened; the embargo ended in March 1974 after diplomatic settlements.
The shock drove the creation of the International Energy Agency and strategic petroleum reserves; oil became a permanent geopolitical weapon.
Shows how a concentrated choke point with political control can translate directly into price shocks — the same mechanism at work in Hormuz today.
