1973 Sorry No Gas Sign Beside Gas Pumps At Service Station Due To OAPEC Oil Crisis. Whether the 2026 crisis will approach the severity of the 1973 embargo remains to be seen, but it is unlikely.H. Armstrong Roberts/ClassicStock As the world watches the next act in the U.S.-Iran drama with bated breath, the headlines write themselves: the worst oil disruption in history, a fifth of global supply at risk, and Brent crude close to $110. The International Energy Agency has warned that the ongoing Iran War repre ...