I'm sure you can wikipedia it and find all the scoop but it was during the Yom Kipper War when Egypt and Syria were trying to beat up Israel. Naturally, since the oil producers are largely Moslum countries, they decided to punish Israel's supporters. Since Israel was going to lose without emergency US shipments of ammo and spare parts, we were on the list. And also, they wanted to use the opportunity to adjust the price of crude in their favor. They became more organized afterwards.
What ended it was the war was over and mostly the people supporting Israel are their biggest customers. They needed the money.