In 1973 the Arab Members of OPEC shocked the world by imposing an oil embargo on the West! It was one of the very few times when Arab countries united and punished the US and its allies for supporting Israel in the Arab-Israel war of 1973! The embargo had long-lasting consequences for the Middle East and the International Economy!
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References:
Paust, Jordan J.Blaustein, Albert P. (1974). "The Arab Oil Weapon—A Threat to International Peace"
OPEC Oil Embargo 1973–1974". U.S. Department of State, Office of the Historian
Federal Reserve History -The Great Inflation: Oil Shock of 1973–74
The Editors of Encyclopaedia Britannica: International relations: Arab oil embargo 1973
Treece, James B. "10 ways the 1973 oil embargo changed the industry"
