1973–1974 OPEC Embargo

Oil prices +300–400% (from $3 → $11–12)
U.S. stock market crash: S&P 500 fell 14% in 1973, 26%+ in 1974 (bear market -48% cumulative)
1990 Iraq invasion of Kuwait
Oil prices +100–180% (from $15 → $40+ )
S&P 1990 declined ~3–16%
2007–2008 Commodity super cycle + pre-financial crisis
Oil prices +100%+ (from $60 → peak $147)
Nasdaq bear market 2007–2009 plunged ~50%+ (but the crash after the oil peak coincided with the financial crisis, not solely due to oil prices)
2022 Initial Russia-Ukraine conflict
Oil prices +50–100% (from $65 → peak $124)
Nasdaq fell ~33% in 2022 (full-year bear market)
Current March 2026: US-Iran conflict + Strait of Hormuz disruption
Oil prices +30–65%+ (from ~$60–70 → $90–110+)
Nasdaq recent multiple days of 1–2% pullbacks+ (total weekly decline 2–5%), volatility increased; if high oil prices persist, further pressure of 5–15% is expected