Supply disruptions, high prices, nervous markets — the war in Iran brings back memories of the oil crises of the 1970s. Back then, many economies plunged into stagflation. How bad is the current crisis?
Since the Iran war began, the surge in oil prices has stirred memories of the dramatic oil shocks of 1973 and 1979.
In 1973, oil-producing Arab countries imposed an embargo against Western nation… [+8131 chars]
