What happened in the Oil Embargo of 1973? Group of answer choices The West placed an embargo on Iranian oil exports resulting in a skyrocketing oil price. Arab members of OPEC reduced their oil export to the West by 5% per month and Soviet Union suddenly stopped all the oil exports resulting in a skyrocketing oil price. Soviet Union and Arab members of OPEC reduced their oil export to the West by 5% per month and Iran suddenly stopped all the oil exports resulting in a skyrocketing oil price. Arab members of OPEC reduced their oil export to the West by 5% per month and Saudi Arabia suddenly stopped all the oil exports resulting in a skyrocketing oil price