Trump's Diesel Export Ban Threatens to Ignite UK Inflation Crisis

The 1973 oil embargo had far-reaching consequences for global economies. The Arab-Israeli Yom Kippur War led to Middle Eastern oil producers imposing production cuts, turning Opec into a significant economic and geopolitical force.

Within three months, oil prices quadrupled. This caused fuel shortages and long lines at petrol stations in oil-importing nations, including the US. The post-war boom was halted, triggering inflation and economic stagnation across the Western world.

Gerald Ford's response to the crisis included a ban on US-produced oil exports to preserve American supplies and stabilise domestic energy prices. This ban remained in place for over 40 years until it was repealed by the Obama administration in 2015, paving the way for the US shale revolution.

Donald Trump has threatened to impose a 90-day ban on US diesel exports amid rising tensions with Iran and oil price volatility.