1979 Oil Crisis

The 1979 Oil Crisis was triggered by political instability in Iran, a major oil-producing country, which led to a sharp reduction in oil exports. This caused global oil prices to spike dramatically, disrupting supply chains and increasing fuel costs worldwide. The crisis contributed to economic slowdowns, inflation, and energy shortages in many countries. It highlighted how geopolitical events can impact resource availability and prices, emphasizing the world’s dependence on Middle Eastern oil. The crisis also prompted efforts to find alternative energy sources and improve energy efficiency.