So, what's going on with oil?
In case you're not up to date, there are increased tensions in the Middle East, which spiked oil prices higher after Britain demanded that Iran release the Stena Impero--a British-flagged tanker--and its crew, saying that the seizure of the tanker in the Strait of Hormuz was illegal.
Jim Cramer wrote about oil in his morning column over on Real Money.
I can't blame anyone for being confused about the price of oil -- or the oil stocks -- here, given what's going on in the Straits of Hormuz. When you have a couple of Iranian speed boats pulling over a British flagged tanker -- yes, a tanker flying the flag of what was once the mightiest navy on earth -- you would expect at least a 10% increase in the price of crude... if not more.
So, based on that, what's it going to take to make oil investable again?
"Well, certainly not a flagged British tanker with 2 million barrels being pulled over by a couple of speedboats--that did not do anything. What is going to take it is worldwide growth. Worldwide growth has to increase, which means the tariffs have to be scaled back, and the deal with China. if you get that, then oil can go up and then the oil stocks will go up," responded Cramer.