As tensions escalated during the Yom Kippur War when the Arab Coalition launched a surprise attack against Israel, OPEC nations joined forces to cut off oil to Israeli allies including the US. This froze around 15% of oil exports to America, triggering market speculation, hording and price inflation.

The infection spread to Asian markets long dependent on the Middle East for energy resources. This slowed industrial capacity and many governments imposed rationing and price controls.

Images of long lines of cars at gas stations and people filling up extra containers remain burned into the collective memory of anyone who lived through that era. However, the real threat to the US was not supply shortages; rather, it was the prospect of a market cascade.

Stagflation coupled with supply chain vulnerabilities were exacerbated by public panic. Stock markets also plunged into recession territory in the expectation of an industrial slowdown. The embargo lasted only five months, but the damage was extensive.

Things have changed quite dramatically since the 1970s. The US is far less dependent on energy resources from the Middle East, though, any shocks to the global oil trade have the ability to ripple out and affect American markets. Furthermore, Arab oil producers are now largely allied with the US, which means there's less risk of a prolonged shutdown due to conflict.