> Oil is still underpriced wrt to its environmental cost.

This may well be true, but we still haven't found a better fuel. Sure, we have electric cars, but they are still too expensive for the masses, or impractical, e.g. for apartment dwellers. Besides, oil has countless other uses besides as fuel for vehicles.

From my point of view, this incredibly stupid war has only positive externalities. The costs of oil are legion and unaccounted.