HISTORY
HISTORY OF THE MIDDLE EAST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Egypt in the Suez Crisis.
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Iraq in its conflict with Iran.
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Israel in wars opposing Arab states.
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Greece in its conflict with Turkey.
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Detailed explanation-1: -During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations.
Detailed explanation-2: -The OPEC oil embargo began in October 1973 and ended in March 1974.
Detailed explanation-3: -OPEC imposed an oil embargo in 1973 because of war that broke out between Israel and Arab neighbours. The embargo caused a significant increase in the price of oil and gas which started a round of inflation. Purchasing power of the dollar fell steadily which headed them into tough economic times.
Detailed explanation-4: -The price shock of 1973 is reported to have shrunk the U.S. economy by approximately 2.5 percent, increased unemployment and inflation, and spun the economy into a severe and extended recession (1973–1975).