The Arab Oil Embargo of 1973, the Iranian Revolution of 1979, and the Gulf War of 1991 all affected oil prices by:

Question

Quizplus · Accepted Answer

The Arab Oil Embargo of 1973 and the Gulf War of 1991 both reduced the supply of oil, as the countries involved either stopped exporting oil or had their oil production disrupted. The Iranian Revolution of 1979 also reduced the supply of oil as production in Iran was significantly impacted. These events led to an increase in oil prices, as demand continued to remain high.