The Yom Kippur War was the fifth Arab-Israeli war since the establishment of the State of Israel in 1948. It began with a surprise attack by Syria and Egypt, launched on the day of the greatest Jewish holiday (Yom Kippur) on October 6, 1973. The Israelis managed to stop the attack, largely also thanks to arms deliveries from the USA (more details about the war here).
But the Arab states (Saudi Arabia, Iran, Iraq, the United Arab Emirates, Kuwait and Qatar) united in the Organization of the Petroleum Exporting Countries (OPEC) used the conflict, in which the Western world sided with Israel, to accelerate their earlier plan.
In October 1973, they decided to sharply increase oil prices. They also imposed an embargo on countries that supported the Jewish state. The price of oil already shot up by 70 percent on October 16 and by another 128 percent on December 23. The price of oil has quadrupled since September: from 2.90 to almost 12 dollars.
Foto: Getty Images
2023-10-17 16:21:22
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