Short answers, pulled from the story.
The 1973 oil crisis began when Egypt and Syria launched a surprise attack on Israel during the Yom Kippur War on the 6th of October 1973. Arab oil producers subsequently cut production by 5% and threatened an embargo against nations supporting Israel including the United States and Netherlands.
King Faisal ended the oil embargo on the 18th of March 1974 following negotiations in Washington. The embargo had been imposed starting in November 1973 to pressure Western nations regarding the Israeli occupation of territories captured during the Six-Day War.
Oil prices quadrupled from approximately $3 per barrel in 1973 to nearly $12 per barrel by 1974. The price increase reached $17 per barrel during an auction held by the Iranian state oil company on the 16th of December 1973 before OPEC set the official rate at $11.65.
The 1973 oil crisis caused about 500,000 Americans to lose jobs and resulted in a gross national product loss between $10 billion and $20 billion according to a 1975 report. Average US retail gasoline prices rose 43% from 38.5 cents in May 1973 to 55.1 cents in June 1974.
Arab oil producers imposed an embargo specifically against Israel wartime allies including the United States Netherlands Rhodesia South Africa Portugal and Japan. European nations such as France Belgium and the UK received almost uninterrupted supplies while other EEC members faced partial cutbacks or complete embargoes.