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Iran Conflict Drives Oil Prices Over $100, Risks Recession

3/11/2026

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History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo in response to U.S. support for Israel during the Yom Kippur War, leading to a 400% increase in oil prices. This crisis triggered inflation rates exceeding 12% in the U.S., disrupting economies worldwide. Today, rising oil prices due to conflicts in Iran echo these past vulnerabilities, threatening political stability and consumer behavior.

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Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo in response to U.S. support for Israel during the Yom Kippur War, leading to a 400% increase in oil prices. This crisis triggered inflation rates exceeding 12% in the U.S., disrupting economies worldwide. Today, rising oil prices due to conflicts in Iran echo these past vulnerabilities, threatening political stability and consumer behavior.