4 min read•Last Updated on August 9, 2024
Oil transformed the Middle East's economy and geopolitics. The discovery of vast reserves in the early 20th century led to foreign concessions and rapid development. But it also sparked nationalism and calls for greater control over resources.
As countries nationalized their oil industries, petrodollars flooded in. This wealth funded modernization but created economic challenges like Dutch disease. Oil revenues reshaped societies, enabling authoritarian regimes and rentier state dynamics.
Term 1 of 26
The 1956 Suez Crisis was a diplomatic and military conflict that arose when Egypt nationalized the Suez Canal, previously controlled by British and French interests. This act triggered a military intervention by Israel, followed by the United Kingdom and France, aimed at regaining control of the canal and removing Egyptian President Gamal Abdel Nasser from power. The crisis had significant ramifications for Middle Eastern economies, particularly in relation to the vital oil trade.
Term 1 of 26
The 1956 Suez Crisis was a diplomatic and military conflict that arose when Egypt nationalized the Suez Canal, previously controlled by British and French interests. This act triggered a military intervention by Israel, followed by the United Kingdom and France, aimed at regaining control of the canal and removing Egyptian President Gamal Abdel Nasser from power. The crisis had significant ramifications for Middle Eastern economies, particularly in relation to the vital oil trade.
Term 1 of 26
The 1956 Suez Crisis was a diplomatic and military conflict that arose when Egypt nationalized the Suez Canal, previously controlled by British and French interests. This act triggered a military intervention by Israel, followed by the United Kingdom and France, aimed at regaining control of the canal and removing Egyptian President Gamal Abdel Nasser from power. The crisis had significant ramifications for Middle Eastern economies, particularly in relation to the vital oil trade.