Doubtful that it will affect the world markets as much as some think. Stopping oil flow through the Straits of Hormuz, however, would be disastrous for prices. It is too good a lever for bad actors, so I wouldn’t be surprised if Russia engineers a slowdown of ME oil.
India gets 60% of its oil from Russia. That is a lot of demand that will surely drive up the price of oil, if it happens.