Mar2nd Oil Shock

The March 1979 Oil Shock was caused by the Iranian Revolution, which disrupted Iran’s oil production and exports. Iran was a major oil supplier, and the upheaval led to significant reductions in oil supply globally. This sudden scarcity caused oil prices to skyrocket, increasing transportation and manufacturing costs worldwide. The shock contributed to inflation and economic slowdown in many countries, highlighting how geopolitical events can heavily impact global energy markets and economies.