A Tale Of Two Oil Shocks: Why 2026 Feels Big, But Isn't As Big As 1973 The latest Iran U. S.
drama is dominating headlines, with dire warnings from the International Energy Agency (IEA) and some declaring it the ultimate energy crisis.
However, before we accept this verdict, it's worth examining what this oil shock really means – especially when compared to its infamous predecessor in 1973. That year, an Arab oil embargo cut production by 4.