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OPEC oil prices which primarily included Arab nations decided to hit back against the United States. This was in response to the supplies of arms to Israel during the Fourth Arab Israeli War. There was a declaration of oil embargo which abruptly halted oil exports in the United States and allies. There was oil shortages and halting of exports of oil to the US and allies of US. US faced a shortage of oil and spike in prices of oil which lead to an economic crisis in the US and other developed countries.Asian financial crisis of 1997 is one of the popular crises faced by several economies of Asia such as Malaysia, Thailand, Korea, Indonesia, and Indonesia.
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