How did global oil prices change in early 1974 due to the embargo?

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Global Oil Prices Increased Four-Fold in Early 1974 Due to Embargo

In early 1974, global oil prices experienced a dramatic surge, quadrupling within a three-month period. This sharp increase was a direct consequence of the oil embargo imposed by Arab OPEC nations in response to the United States' support of Israel during the 1973 Arab-Israeli War. The price per barrel escalated from US$2.90 before the embargo to US$11.65 by January 1974.
Embargo Triggered by 1973 Arab-Israeli War

The oil embargo was initiated by Arab OPEC nations in retaliation for the United States providing military support to Israel in the 1973 Arab-Israeli War, also known as the October War. This action led to a cessation of oil exports to the US and other nations that had sided with Israel, coupled with production cuts.
Significant Price Hike Within Months

The immediate impact of the embargo and production cuts was a severe and rapid escalation in oil prices. Within less than three months, the cost of a barrel of oil quintupled, moving from US$2.90 to US$11.65 by January 1974. Although the embargo was eventually lifted in March 1974, the elevated price levels persisted.
Broader Economic Repercussions Followed

The surge in oil prices in 1974 marked the beginning of a period of significant economic turbulence for many industrialised nations throughout the 1970s. This era was characterised by widespread inflation, often referred to as stagflation, coupled with severe unemployment and a noticeable slowdown in economic growth.

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How did global oil prices change in early 1974 due to the embargo?

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