Fossil Fuels are decreasing as a percentage of the overall energy supply that powers so much of the Economy and Industrial and Agricultural production in Western Economies are a small fraction of the total (less than 20% together).

Nowadays it's not about the West making things with pillaged resources from the Global South, it's all Financialization and the Ultra-Wealthy extracting the last leftover wealth from everybody, everything and everywhere like the endgame in a Monopoly Game.

Oil by itself is not enough justification, IMHO.

Besides, Israel is being the very opposite of a force for stability in the region, which isn't going to help the Petro-Dollar.

(If you go check the Gold markets, it's never been this high, something which possibly signals increasing distrust in the US Dollar and other main currencies)