List of oil crises
From Wikipedia, the free encyclopedia
The term oil crisis (or oil shock) refers to periods of sudden disruption in oil supply or sharp increases in oil prices that significantly affect the global economy.
These events are typically caused by geopolitical conflicts, coordinated production cuts (notably by OPEC), or large-scale imbalances between global supply and demand. Oil crises have often resulted in inflationary pressure, economic recessions, and long-term changes in global energy policy.[1][2][3]