Asian growth during period of oil price shocksThe first large oil price shock occurred in late 1973-1974, triggered by the Yom Kippur war in Israel and its aftermath. 1970s-1990sThe first large oil price shock occurred in late 1973-1974, triggered by the Yom Kippur war in Israel and its aftermath. The second occurred in 1979 during the Iran civil war, oil price jumped from $13/barrel in 1978 to $29.8 in 1979, or more than double price hike. Data sources: for crude oil prices, Energy Institute’s Statistical Review of World Energy 2025. The ASEAN-6 economies were also hardly affected by high oil price shocks.

Source: Philippine Star March 11, 2026 16:44 UTC