Jim Cramer on What the Saudi Strikes on Yemen Mean for Oil Sector

Oil prices jumped Thursday on worries of a possible disruption following news that Saudi Arabia launched airstrikes on Yemen.
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Oil prices jumped Thursday on worries of a possible disruption following news that Saudi Arabia launched airstrikes on Yemen. So what does that mean for you? Here's what TheStreet's Jim Cramer says you need to know. He says you'll likely see higher gasoline prices. He says, don't expect oil to go up big, but don't expect it to go down big either. The restaurant, retail and airline sectors were the key beneficiaries of lower oil prices, but now that the narrative has changed, investors should be cautious. He adds that Middle Eastern tension will not cause oil to stay permanently elevated. Cramer says there's a nice supply of oil around the world. Saudi Arabia produces 1 million barrels of oil that come here because of long-term contracts. We have 2 million barrels of Nigerian oil that is just waiting to come here and another million barrels of Mexican oil that would like to come here. So it shouldn't necessarily affect things but psychologically it could trigger worries.