Jim Cramer: The Suez Canal Blockage Is Not Impacting Oil

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Is oil being impacted by the situation in the Suez Canal?

And, TheStreet's Joseph Woelfel noted that oil prices in the U.S. declined nearly 5% following a rally sparked by a container ship blocking the Suez Canal and creating a bottleneck that could slow the delivery of more than 13 million barrels of crude through one of the world's busiest waterways. Efforts were underway to free the massive container vessel that has caused a backlog of ships for a third day.

However, Jim Cramer says that this doesn't impact oil.

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