It's a possibility, but I'd suspect something else. If you haven't done it already, you might wanna check how the dent looks like and what might have caused it. Front axle can get pretty close to the oil pan under extreme articulation, and if you haven't added any bumpstops it's possible that happens.
I managed to hit my oil pan with the steering shock mount attached to the drag link (on the ORO U-Turn kit). I mounted it in a slightly wrong place, and since that I removed it altogether since I have no need for a SS.
Btw, there isn't too much extra space at the front of the oil pan so I would make it absolutely certain your oil pan isn't hitting the crankshaft (which you obviously would hear) or the main bearing caps.
1998 Grand Cherokee 5.9 LX daily driver, 1.75" BB, 32" KM2s, HPD30 Eaton e-locker/D44a stock LSD, 4.56 gears, custom- fabbed tube bumpers and tube fenders,...
1990 XJ Limited (4-door), 4.0 I6, AW4, NP242, ***rolled and totalled @ 165k miles***
1990 XJ (4-door), 4.0 I6, AW4, NP242, PBR 42" tires, Unimog 404 portal axles, 110" WB, full cage + uniframe completely rebuilt, front 3-link + panhard / double triangulated 4-link rear,... ***SOLD***