of oil in the United States was regulated domestically and indirectly by the Seven Sisters. The "magnitude" of the increase in the price of oil following OPEC's 1973 embargo in reaction to the Yom Kippur War and the 1979 Iranian Revolution, was without precedent. In the 1973 Yom Kippur War, a coalition of Arab states led by Egypt and Syria attacked Israel. During the ensuing 1973 oil crisis, the Arab oil-producing states began to embargo oil shipments to Western Europe and the United States in retaliation for supporting Israel. Countries, including the United States, Germany, Japan, and Canada began to establish their own national energy programs that were focused on security of supply of oil, as the newly formed Organization of Petroleum Exporting Countries (OPEC) doubled the price of oil. During the 1979 oil crisis, the global oil supply was "constrained" because of the 1979 Iranian Revolution—the price of oil "more than doubled", then began to decline in "real terms from 1980 onwards, eroding OPEC's power over the global economy," according to The Economist. The 1970s oil crisis gave rise to speculative trading and the WTI crude oil futures markets. In the early 1980s, concurrent with the OPEC embargo, oil prices experienced a "rapid decline." In early 2007, the price of oil was US$50. In 1980, globally averaged prices "spiked" to US$107.27, and reached its all-time peak of US$147 in July 2008. The 1980s oil glut was caused by non-OPEC countries—such as the United States and Britain—increasing their oil production, which resulted in a decrease in the price of oil in the early 1980s, according to The Economist. When OPEC changed their policy to increase oil supplies in 1985, "oil prices collapsed and remained low for almost two decades", according to a 2015 World Bank report. In 1983, the New York Mercantile Exchange (NYMEX) launched crude oil futures contracts, and the London-based International Petroleum Exchange (IPE)—acquired by Intercontinental Exchange (ICE) in 2005— launched theirs in June 1988. The price of oil reached a peak of c. US$65 during the 1990 Persian Gulf crisis and war. The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait, according to the Brookings Institution. There was a period of global recessions and the price of oil hit a low of before it peaked at a high of $45 on 11 September 2001, the day of the September 11 attacks, only