Map of europe countries only for The first of the oil shocks occurred during and after the 1973 October war between EGYPT and ISRAEL. The Arab members of OPEC aligned with Egypt, demanding an end to UNITED STATES support of Israel. When the United States refused, the Arab countries imposed an embargo. The first oil shock increased the (nominal) price of oil by almost three times: the price for benchmark Saudi Light increased from $2.59 in September 1973, to $11.65 in March 1974. The world economy soon fell into a recession. Map of europe countries only 2016.