What caused the 1973 oil embargo and its immediate impact on global prices?

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The 1973 Oil Embargo Was Triggered by US Support for Israel, Leading to a Quadrupling of Oil Prices

The 1973 oil embargo was initiated by Arab Opec nations in response to the United States' support for Israel during the Arab-Israeli War. This action led to a cessation of oil exports to the US and other nations that backed Israel, resulting in a dramatic increase in oil prices. Within three months, the cost of a barrel of oil quadrupled, escalating from US$2.90 to US$11.65 by January 1974.
Triggering Event and Export Cessation

The conflict that precipitated the embargo was the 1973 Arab-Israeli War, also known as the October War. Following the US decision to provide military support to Israel, Arab members of Opec (Organisation of Petroleum Exporting Countries) collectively decided to halt their oil exports. This measure was specifically targeted at the United States and other countries perceived as aligned with Israel's position.
Dramatic Price Surge

The immediate economic consequence of this targeted embargo and subsequent production cuts was a sharp and rapid escalation in global oil prices. The price of crude oil experienced a fourfold increase in less than a three-month period. Specifically, the price per barrel surged from US$2.90 prior to the embargo to US$11.65 by January 1974, marking a significant disruption to the global energy market.
Enduring Price Hikes and Broader Economic Ramifications

Although the Opec oil embargo was officially lifted in March 1974, the elevated oil prices persisted. This sustained increase in energy costs had far-reaching economic consequences for numerous industrialised nations throughout the 1970s. These effects manifested as prolonged periods of high inflation, often termed stagflation, alongside severe unemployment and a general slowdown in economic growth.

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What caused the 1973 oil embargo and its immediate impact on global prices?

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