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1973 Oil Crisis
The 1973 oil crisis or first oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC), led by Saudi Arabia, proclaimed an oil embargo. The embargo was targeted at nations that had supported Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States, though the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen nearly 300%, from US to nearly globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock". Background Arab-Israeli conflict Ever since the recreation of the State of Israel in 1948 there has been Arab–Israeli confli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West Texas Intermediate
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet, oil produced from any location can be considered WTI if the oil meets the required qualifications. Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because of its low density and sweet because of its low sulfur content. The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai crude, Oman crude, Urals oil, and the OPEC reference basket. WTI is lighter and sweeter, containing less sulfur than Brent, and considerably lighter and sweeter than Dubai or Oman. WTI cru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Israel
Israel, also known as the Holy Land or Palestine, is the birthplace of the Jewish people, the place where the final form of the Hebrew Bible is thought to have been compiled, and the birthplace of Judaism and Christianity. In the course of history, the region has come under the sway of various empires and, as a result, has historically hosted a wide variety of ethnic groups. Today it contains sites that are sacred to many Abrahamic religions, including Judaism, Samaritanism, Christianity, Islam, Druzism, and the Baháʼí Faith. First known in the historical record as Canaan, the area became a hotbed of competing civilisations and cultures, including that of the Israelites, resulting in the emergence of the Iron Age kingdoms of Kingdom of Israel (Samaria), Israel, Kingdom of Judah, Judah and Philistia. The region was subsequently invaded, conquered and administered to varying degrees by Assyria, Babylonia, Persia and Macedonian Greece. A brief era of independence under Hasm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Six-Day War
The Six-Day War (, ; ar, النكسة, , or ) or June War, also known as the 1967 Arab–Israeli War or Third Arab–Israeli War, was fought between Israel and a coalition of Arab states (primarily Egypt, Syria, and Jordan) from 5 to 10 June 1967. Escalated hostilities broke out amid poor relations between Israel and its Arab neighbours following the 1949 Armistice Agreements, which were signed at the end of the First Arab–Israeli War. Earlier, in 1956, regional tensions over the Straits of Tiran escalated in what became known as the Suez Crisis, when Israel invaded Egypt over the Egyptian closure of maritime passageways to Israeli shipping, ultimately resulting in the re-opening of the Straits of Tiran to Israel as well as the deployment of the United Nations Emergency Force (UNEF) along the Egypt–Israel border. In the months prior to the outbreak of the Six-Day War in June 1967, tensions again became dangerously heightened: Israel reiterated its post-1956 pos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closure Of The Suez Canal (1956–1957)
The closure of the Suez Canal from November 1956 to April 1957 was caused by Second Arab–Israeli war also known as the Suez Crisis in 1956. On 26 July 1956 Egyptian president Gamal Abdel Nasser nationalized the Suez Canal from British and French investors that owned the Suez Canal Company, that caused Britain and France to devise a military operation with the help of Israel to invade the Egyptian Sinai Peninsula and have British and French paratroopers drop in to protect the Suez Canal but the objective was to take the canal back. The United States and Soviet Union condemned the invasion and de-escalated the situation by early 1957. Oil supply through the canal Around 66% of oil that Europe consumed at the time came through the Suez Canal from mostly Arab States. Aswen Dam project The United States was initially going to help fund the Aswan Dam but reneged on their earlier commitment because Egypt was cozying up to Communist influences in the Soviet Union, Czechoslovakia, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Soviet Union
The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, it was nominally a federal union of fifteen national republics; in practice, both its government and its economy were highly centralized until its final years. It was a one-party state governed by the Communist Party of the Soviet Union, with the city of Moscow serving as its capital as well as that of its largest and most populous republic: the Russian SFSR. Other major cities included Leningrad (Russian SFSR), Kiev (Ukrainian SSR), Minsk (Byelorussian SSR), Tashkent ( Uzbek SSR), Alma-Ata (Kazakh SSR), and Novosibirsk (Russian SFSR). It was the largest country in the world, covering over and spanning eleven time zones. The country's roots lay in the October Revolution of 1917, when the Bolsheviks, under the leadership of Vladimir Lenin, overthrew the Russian Provisional Govern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gamal Abdel Nasser
Gamal Abdel Nasser Hussein, . (15 January 1918 – 28 September 1970) was an Egyptian politician who served as the second president of Egypt from 1954 until his death in 1970. Nasser led the Egyptian revolution of 1952 and introduced far-reaching land reforms the following year. Following a 1954 attempt on his life by a Muslim Brotherhood member, he cracked down on the organization, put President Mohamed Naguib under house arrest and assumed executive office. He was formally elected president in June 1956. Nasser's popularity in Egypt and the Arab world skyrocketed after his nationalization of the Suez Canal Company and his political victory in the subsequent Suez Crisis, known in Egypt as the ''Tripartite Aggression''. Calls for pan-Arab unity under his leadership increased, culminating with the formation of the United Arab Republic with Syria from 1958 to 1961. In 1962, Nasser began a series of major socialist measures and modernization reforms in Egypt. Despite ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regime Change
Regime change is the partly forcible or coercive replacement of one government regime with another. Regime change may replace all or part of the state's most critical leadership system, administrative apparatus, or bureaucracy. Regime change may occur through domestic processes, such as revolution, coup, or reconstruction of government following state failure or civil war. It can also be imposed on a country by foreign actors through invasion, overt or covert interventions, or coercive diplomacy. Regime change may entail the construction of new institutions, the restoration of old institutions, and the promotion of new ideologies. According to a dataset by Alexander Downes, 120 leaders were removed through foreign-imposed regime change between 1816 and 2011. Types Internal regime change Regime change can be precipitated by revolution or a coup d'état. For example, the 1917 Russian Revolution, the 1962 Burmese coup, and the 1979 Iranian Revolution. Foreign-imposed regi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suez Canal
The Suez Canal ( arz, قَنَاةُ ٱلسُّوَيْسِ, ') is an artificial sea-level waterway in Egypt, connecting the Mediterranean Sea to the Red Sea through the Isthmus of Suez and dividing Africa and Asia. The long canal is a popular trade route between Europe and Asia. In 1858, Ferdinand de Lesseps formed the Suez Canal Company for the express purpose of building the canal. Construction of the canal lasted from 1859 to 1869. The canal officially opened on 17 November 1869. It offers vessels a direct route between the North Atlantic and northern Indian oceans via the Mediterranean Sea and the Red Sea, avoiding the South Atlantic and southern Indian oceans and reducing the journey distance from the Arabian Sea to London by approximately , or 10 days at to 8 days at . The canal extends from the northern terminus of Port Said to the southern terminus of Port Tewfik at the city of Suez. In 2021, more than 20,600 vessels traversed the canal (an average of 56 per day) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nationalized
Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to private assets or to assets owned by lower levels of government (such as municipalities) being transferred to the state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization. Industries often subject to nationalization include the commanding heights of the economy – telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water – though, in many jurisdictions, many such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Israeli Passage Through The Suez Canal And Straits Of Tiran
Israeli passage through the Suez Canal and Straits of Tiran is the freedom of navigation for Israeli vessels through the Egyptian-controlled Suez Canal and Straits of Tiran. Egypt controlled the Suez Canal and Straits of Tiran, and did not recognize Israel after the two countries signed an armistice agreement to end the 1947–1949 Palestine war. Egypt began to strengthen a blockade of Israeli shipping as relations between Israel and Egypt deteriorated further between 1949 and 1956. They were opened partially following the 1956 Suez Crisis, wherein Israel invaded Egypt with the explicit intention of ensuring access to these waters. This reoccurred after further deterioration of the relationship between the two countries in the mid-1960s; Egypt renewed the blockade in 1967, leading to the Six Day War. The current status is set by the Egypt–Israel peace treaty of 1979. The Straits of Tiran route served Israel's only port on the Gulf of Aqaba, Eilat. However, this had limited eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Port Of Eilat
The Port of Eilat ( he, נמל אילת) is the only Israeli port on the Red Sea, located at the northern tip of the Gulf of Aqaba. History The Port of Eilat was declared in 1952, and constructed between 1952-56. Today it is mainly used for trading with Far East countries. It allows Israeli shipping to reach the Indian Ocean without having to sail through the Suez Canal. Egyptian naval blockades of the Straits of Tiran which control access to Eilat featured prominently in the events which led to two major Arab-Israeli Conflicts: The Sinai War and the Six-Day War. Ship traffic at Eilat is relatively low (compared to Israel's two large seaports on the Mediterranean). One reason is that Eilat is situated at a considerable distance from the center of the country. Another is the fact that unlike the country's other main seaports, Eilat's is yet to be served by a railway line (the nearest railhead is located over a hundred kilometers to the north at Dimona). Also, coastal tourism ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Suez Crisis
The Suez Crisis, or the Second Arab–Israeli war, also called the Tripartite Aggression ( ar, العدوان الثلاثي, Al-ʿUdwān aṯ-Ṯulāṯiyy) in the Arab world and the Sinai War in Israel,Also known as the Suez War or 1956 War; other names include the ''Sinai war'', ''Suez–Sinai war'', ''1956 Arab–Israeli war'', the Second Arab–Israeli war, ''Suez Campaign'', ''Sinai Campaign'', ''Kadesh Operation'' and ''Operation Musketeer'' was an invasion of Egypt in late 1956 by Israel, followed by the United Kingdom and France. The aims were to regain control of the Suez Canal for the Western powers and to remove Egyptian president Gamal Abdel Nasser, who had just swiftly nationalised the foreign-owned Suez Canal Company, which administered the canal. Israel's primary objective was to re-open the blocked Straits of Tiran. After the fighting had started, political pressure from the United States, the Soviet Union and the United Nations led to a withdrawal by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
