No, it could not. It would be a massive loss. For those that lose their lives, for the rest of the world.
Pesky little--very minor--side effect that it's extracted from Hell, and using it causes the denizens of Hell to spill over to our side. One would say they are "unleashed".
By raising the price of oil so much, our dear leader is trying his level best to accelerate the transition away from fossil fuels.
But the consequences would be catastrophic. Not least that Russia would very likely nuke Ukraine to try to force a surrender. And France would have to decide whether to respond in kind.
Trump would not - of course - nuke Russia. Likely not even if Russia launched a first strike.
And it's unlikely Iran would surrender, because Iran has set itself up as a patchwork of semi-independent forces. The immediate response would be a mass missile strike on desalination plants and oil installations in Israel and the Arab states.
The absolute best outcome would be plumes of smoke all over the Middle East.
The worst outcome would be all of the existing minor nuclear nations - North Korea, India, Pakistan, Israel - deciding the safety was off, and why not?
Next Russia takes Ukraine in a week and rich countries will buy nukes from North Korea and Pakistan.