Egypt–Israel Peace Treaty deployment of additional Egyptian troops. This treaty was received with enormous controversy across the Arab world, where it was condemned and considered a stab in the back. The sense of outrage was particularly strong amongst Palestinians, with the leader of the Palestine Liberation Organization, Yasser Arafat, stating: "Let them sign what they like. False peace will not last". On the other hand, the treaty led both Egyptian president Anwar Sadat and Israeli prime minister Menachem Begin to share the 1978 Nobel Peace Prize for bringing peace between the two states. However, as a result of the treaty, Egypt was suspended
History of Egypt under Anwar Sadat to Israel and appropriate $2.2 billion in emergency aid. OPEC oil ministers, led by Saudi Arabia retaliated with an oil embargo against the US. A UN resolution supported by the United States and the Soviet Union called for an end to hostilities and for peace talks to begin. On 5 March 1974 Israel withdrew the last of its troops from the west side of the Suez Canal, and 12 days later Arab oil ministers announced the end of the embargo against the United States. For Sadat and many Egyptians the war was seen as a victory, as the initial Egyptian