In 1973 over the course of 6-7 months, oil jumped 4 times in price - 300%. From $3 to $12 a barrel in nominal value at the time.The main cause of the stock market crash in 1973-1974 was not the rising rates, it was the oil crisis. Oil price jumped from $20 to $55.
So imagine if oil went from $65 today to $260 in the next 6 months, just like 1973. That could definitely hit stocks really hard. That would be real money leaving the economy to keep people's cars running, food cooked, and houses warm. You know, important stuff, not like spending your money on crypto or GME.
Capital investment is down massively in a industry that requries massive capital investment. There could easily be a shock or who knows what that could cause a spike. Watch out.