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The war involving Iran is raising fears of oil supply disruptions and surging prices reminiscent of the 1970s oil crises. Back then, many economies fell into stagflation as energy costs skyrocketed. The article examines how severe the current crisis could become and draws parallels with the historic energy shocks of that era.

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?