Without a doubt. Particularly, if all of OPEC abandons the dollar. Of course, that will likely bring WW3.

Actually in terms of monetary and price reaction, and depending on Fed&Treasury coordinate together, this might actually lead to a dollar shortage and a spike in the relative value of USD first (cf. other fiat currencies).

But yes, after that and eventually : high, increasing and persistent inflation, until the jig is up and everything collapses in a deflationary spiral.