It basically means that the US is at a tactical and practical disadvantage when it comes to the conflicts between Russia and Ukraine, and Israel and Palestine. Oil supply strains are beginning to take effect. This will undoubtedly have a big impact on energy costs as well.
Discussion
Hmm.. To me, bluntly, (sorry) it basically just means a 6-page out-of-date document - a pact that was never legally binding (and did not prevent oil trade and arms exports with other countries) - has simply expired. The US can still sell arms to Saudi. The Saudis can still sell oil to the US. Both can still sell their wares to other countries, only now a dollar conversion is not needed for the Saudis. Whether this significantly impacts the dollar's global popularity, I donāt think so as that is largely based on the USās status as the world's largest economy.