What caused oil prices to increase in the world since the 1970s?

The decision to boycott America and punish the west in response to support for Israel in the Yom Kippur war against Egypt led the price of crude to rise from $3 per barrel to $12 by 1974.
The price of petrol rocketed, making all transport more expensive. There was even talk in Britain of rationing using coupons left over from the second world war.

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