In the 1970s the international price of crude oil rocketed because:

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The international price of crude oil rocketed in the 1970s because the supply of oil was restricted by the oil exporting countries, mainly the members of OPEC (Organization of the Petroleum Exporting Countries). In 1973, OPEC imposed an oil embargo on countries that supported Israel in the Yom Kippur War, which led to a significant increase in oil prices. This was followed by another increase in 1979 when Iran's oil production was disrupted due to the Iranian Revolution.

In the 1970s the International Price of Crude Oil Rocketed