Jim Cramer thinks that oil is far less important in the markets. 

In the old days, he told TheStreet, the markets would have fallen over 500 points based on the attacks in Saudi Arabia, which impacted their oil production. 

"I keep thinking how much some market would have been down the old days. You take out half of the production, currently a lot of LNG too, out of Saudi Arabia. And obviously with the threat of war because it was done with drone, you know, we should be down 500. But in the new world, the Permian, this is a huge win for the Permian, for everybody it produces where, you know, a lot of companies that reliquify. And there's just an understanding that we are the marginal producer," said Cramer. 

Watch the full video above for his thoughts on oil.

More from Cramer Today

Full Replay: Jim Cramer Breaks Down What Investors Need to Know About Oil, BP

Jim Cramer: Three Companies to Buy After the Saudi Arabia Oil Attacks

Jim Cramer: How Investors Should Approach Oil Right Now

Jim Cramer: No Pain at the Pump for Consumers

Premium Pick: Jim Cramer: Here Are the Real Winners and Losers From the Saudi Oil Attacks

Action Alerts PLUS peek: Jim Cramer: Buy Burlington Stores Stock When the U.S.-China Trade War Gets Ugly

Trading Strategies: A Lookahead to the Fed, Stocks to Watch and CVS

Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud

Catch Up: Today's Top News Videos Below