<P> The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo . The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War . The initial nations targeted were Canada , Japan , the Netherlands , the United Kingdom and the United States with the embargo also later extended to Portugal , Rhodesia and South Africa . By the end of the embargo in March 1974 , the price of oil had risen from US $3 per barrel to nearly $12 globally ; US prices were significantly higher . The embargo caused an oil crisis , or `` shock '' , with many short - and long - term effects on global politics and the global economy . It was later called the `` first oil shock '' , followed by the 1979 oil crisis , termed the `` second oil shock . '' </P>
<P> The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo . The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War . The initial nations targeted were Canada , Japan , the Netherlands , the United Kingdom and the United States with the embargo also later extended to Portugal , Rhodesia and South Africa . By the end of the embargo in March 1974 , the price of oil had risen from US $3 per barrel to nearly $12 globally ; US prices were significantly higher . The embargo caused an oil crisis , or `` shock '' , with many short - and long - term effects on global politics and the global economy . It was later called the `` first oil shock '' , followed by the 1979 oil crisis , termed the `` second oil shock . '' </P>
when did the oil embargo of 1973 end
when did the oil embargo of 1973 end
March 1974
March 1974