1973–1974 OPEC Embargo Oil prices +300–400% (from $3 → $11–12) U.S. stock market crash: S&P 500 dropped 14% in 1973, 26%+ in 1974 (bear market cumulative -48%) 1990 Iraq invades Kuwait Oil prices +100–180% (from $15 → $40+) S&P 500 dropped ~3–16% in 1990 2007–2008 Commodity supercycle + pre-financial crisis Oil prices +100%+ (from $60 → peak $147) NASDAQ bear market crash ~50%+ from 2007–2009 (but oil price peak collapse coincided with financial crisis, not purely oil-driven) 2022 Early Russia-Ukraine conflict Oil prices +50–100% (from $65 → peak $124) NASDAQ dropped ~33% in 2022 (full-year bear market) Current March 2026 U.S.-Iran conflict + Hormuz disruption Oil prices +30–65%+ from ~$60–70 → $90–110+ NASDAQ recent multi-day pullback 1–2%+ (weekly cumulative drop 2–5%), volatility increasing; if high oil prices persist, expected further pressure 5–15%