Oil prices are rising amid tensions between the US and Iran, stirring memories of 1970s stagflation. Disruptions in the Strait of Hormuz have impacted global oil consumption. Historians are drawing parallels between past oil crises and the current situation.

Oil prices have surged amid the US-Israel conflict with Iran, with attacks having disrupted shipping through the Strait of Hormuz – a critical chokepoint that roughly one-fifth of the world’s daily oil consumption moves through. With memories of 1970s stagflation still lingering, many are asking whether this is the start of another major oil crisis. Below is a concise look at prior shocks and what history suggests today. What happened during the 1970s oil shocks The first oil crisis in 1973-74.....