This scenario was already played out in the 1970s and caused little lasting damage to the western economies. Also countries like Saudi Arabia can't stay solvent enough without oil long enough to break the West. And nowadays the US is a major gas and oil exporter as well.an OPEC embargo would utterly destroy NATO military power as the economy of each would shrivel to nothing in short order.
The bottom line is the Arabs don't have any tools to stop the West supporting Israel and they know it. At the same time they know that the West also has no interest in escalating this. So they will make a lot of public statements, but no action and hope this fizzles out eventually.