Jim Cramer Says Don't Trust the Oil Rebound

Katherine Ross

Let's talk about oil. 

It's been quite a week! We've seen oil prices plummet and then rebound. So, what's happening today?

Oil prices rose Thursday for a second straight day, sparked by President Donald Trump's instruction for the U.S. Navy to "shoot down" any Iranian gunboats that harass American ships at sea.

Iran on Thursday vowed a "crushing response" to threats from Trump as tensions in the Gulf region continued to escalate.

West Texas Intermediate crude oil, the U.S. benchmark, rose more than 30% to $17.99 a barrel. Futures for Brent crude, the international standard, gained 12.76% to $22.76 a barrel.

And both Exxon  and Chevron were soaring in intraday trading. 

So, what does Jim Cramer think about oil now?

Watch the full video above for Cramer's full take.

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