The Iran war-driven spike in oil prices crushed stocks last week, culminating in the S & P 500 ‘s first three-week losing streak in roughly a year. There was little place to hide, with nine of the 11 S & P 500 sector indexes lower for the week. Not surprisingly, energy and utilities were winners. Brent crude, the international benchmark, and West Texas Intermediate crude, the American standard, jumped over 11% and 8%, respectively, over the past five trading sessions. In fact, on Thursday, Brent settled above $100 for the first time since 2022. Both Brent and WTI surged above $119 briefly on Monday before retreating and then grinding higher once again. For the week, the S & P 500 fell 1.6%. Jim Cramer argues that as long as Iran blocks…
