It will take longer than the duration of the war to realistically transition to renewables in any quantity that truly matters.

So the oil companies are happy because this temporarily brought forward future demand and thus profit, as well as expend a bunch of money/resources from competitors of oil which predicates a high price per barrel to make financial sense. If/when oil prices drop back down, these renewable investments might not compete.

To truly transition over will mean doing it with the world kicking and screaming imho. It cannot be made smooth.