Editing Stagflation (section)

===Supply shock===
{{see also|Nixon Shock}}
As soon as the [[Six-Day War]] started in 1967 and [[Israel]] invaded the [[Sinai Peninsula]] down to the [[Suez Canal]], the [[Egyptians|Egyptian]] President [[Gamal Abdel Nasser]], who was aligning with the [[Soviet Union]], [[Closure of the Suez Canal (1967–1975)|closed down the Suez Canal for eight years]]. Oil from the Middle East to Europe had to be rerouted around [[Africa]].  Egypt then tried to cross the Suez Canal and take back the Sinai Peninsula in the [[Yom Kippur War]] in late 1973.  [[Richard Nixon]] supported funding Israel with $2.2 billion over the conflict, which triggered an [[1973 oil crisis|oil embargo]] in October 1973 when the countries of the Organization of Arab Petroleum Exporting Countries ([[OAPEC]]) cut production of oil and placed an [[embargo]] on oil exports to the United States and other countries backing Israel.<ref>{{cite web|last=Corbett |first=Michael |url=https://www.federalreservehistory.org/essays/oil-shock-of-1973-74 |title=Oil Shock of 1973–74 |publisher=Federal Reserve History |date= |accessdate=2022-08-27}}</ref><ref>{{cite web |url=https://www.history.com/topics/africa/suez-canal |title=Suez Canal |publisher=History.com |date=2021-03-30 |accessdate=2022-08-27}}</ref>