Jim Cramer on Iran's Missile Attack - What It Means for Markets, Oil

Jim Cramer discusses the market after Iran fired missiles on airbases housing U.S. troops in Iraq, how he'd approach oil if he was a retail investor and his thoughts on Macy's.
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It's hump day.

Jim Cramer's breaking down his thoughts on the market's response to the Iran missile attacks, his latest thoughts on oil and why Macy's is Real Money's stock of the day.

The Situation With Iran

Let's take a step back and look at what's transpired over the past 12 hours between Iran and the U.S.

Late Tuesday night, Iran launched over a dozen missiles aimed at two U.S. air bases based in Iraq.

Following the attacks, there were no reports of any American casualties at either base

Iran's Islamic Revolutionary Guard Corps said it fired 15 missiles at two U.S. airbase installations in Iraq in retaliation for the drone strike Jan. 3 that killed Iranian General Qassem Soleimani.

The Pentagon released a statement from Assistant to the Secretary of Defense for Public Affairs Jonathan Hoffman confirming reports of the attacks on the U.S. military base in Iraq by Iran.

The attacks sent Dow futures down as low as 400 points Tuesday night.

But the attacks didn't seem to have a lasting impact on the markets.

So, what does Cramer make of the market moves?

Why Cramer's Got Oil on the Mind

Cramer's Real Money column Wednesday morning focused on oil.

"But we aren't seeing that happen. If you are a huge user of oil, you can lock in prices out five years that are much lower than they are today. They haven't budged much at all. Why? wrote Cramer. He had three reasons. for this.

But, with the headlines out of Iran leading the markets, let's focus on one key reason:

"World growth, no matter how strong or muted, seems to produce little-to-no increase in oil use. The world used only 800,000 more barrels per day last year than the year before. Substitution, conservation, preservation, you name it, you can tell when you have a wasting asset on your hands," Cramer continued.