Oil Embargo 1973
During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military and to gain leverage in the post-war peace negotiations. Arab OPEC members also extended the embargo to other countries that supported Israel including the Netherlands, Portugal, and South Africa. The embargo both banned petroleum exports to the targeted nations and introduced cuts in oil production. Several years of negotiations between oil-producing nations and oil companies had already destabilized a decades-old pricing system, which exacerbated the embargo’s effects.
The Question of the United Nation’s Sanctions on Iran
UN sanctions were lifted on 16 January 2016. On 8 May 2018, U.S. President Donald Trump announced that the United States would withdraw from the Iran nuclear deal. … In September 2019, a U.S. official stated that the United States will sanction whoever deals with Iran or purchases its oil. So the United Nations will settle new sanctions with different regions.