The price of oil affects everything, especially in the ME. I have several friends working with smaller oil projects, and I expect most of them to leave soon if the oil price does not increase.
Thousands of pax with one way tickets = bad for the airlines = no bonus = no payrise = less or no expansion. Possibly.
Less pressure in the property market. Cheaper used cars.
When Putin leaves Ukraine, the oil price will rise.
I'm not holding my breath.