Jim Cramer: Follow Oil Stocks, Not Oil

Katherine Ross

Another day, another oil headline.

Today, at least, it's some positive news. 

Global oil prices rallied for the first day this week on Wednesday after President Donald Trump issued a warning to Iran that could escalate military tensions in the Gulf region.

Trump tweeted that he instructed the U.S. Navy to "shoot down' any Iranian ships that 'harass' American vessels in the Gulf, or elsewhere. 

The tweet appears to be a reference to previous alleged attacks by Iranian ships in the region on Saudi Arabian tankers hauling crude to customers in Asia and around the world. 

TheStreet's Martin Baccardax noted that last fall oil prices spiked to multi-year highs after a series of drone attacks, which U.S. officials pinned on Iran, that targeted the Abqaiq processing facility and the Khurais oil field, two key pieces of Saudi infrastructure that comprise around 5.7 million barrels of the Kingdom's daily output.

Jim Cramer weighs in on his thoughts about oil. 

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

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