Answer:
an Arab oil embargo
Explanation:
In the early 1970s, the main Middle Eastern producer countries, such as Saudi Arabia, Iran, Iraq and Kuwait, which formed the Organization of the Petroleum Exporting Countries (OPEC) began to regulate oil exports to consuming nations. The reason for this embargo was political and economic.
Arab nations retaliated against the US and European countries for supporting the occupation of Palestinian territories by Israel during the Yom Kippur War. The price of a barrel of oil quadrupled and a supply crisis settled, causing a recession economy in the industrialized countries that later expanded to dependent economies such as Latin countries.
