The end of the petrodollar?

AI Briefing

• – The 1973 October War marked a turning point in the global economy, leading to the first oil crisis of the 1970s and 1980s.
• – The Organization of the Petroleum Exporting Countries (OPEC) implemented a crude oil embargo on Western countries, causing oil prices to skyrocket.
• – The oil embargo triggered a series of economic disruptions and led to a significant shift in the global balance of power.