The following table connects economic and political events with FX price and oil price movements. It is obvious that the OPEC initially only reacted to inflation and the devaluation of the dollar. From the outbreak of 1973 war, however, the picture changed and OPEC became more aggressive with oil price hikes.
Further reading:
Black Gold: The End of Bretton Woods and the Oil-Price Shocks of the 1970s, David Hammes (University of Hawaii) and Douglass Wills (University of Washington), The Independent Review, v. IX, n. 4, Spring 2005, ISSN 1086-1653
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