Cramer says oil spike drove rotation as WTI jumps 9.4% above $78 and Brent rises 9.6% over $83

According to CNBC, Jim Cramer said Monday that a jump in oil prices triggered a familiar stock-market rotation after President Donald Trump announced he was reinstating a blockade on Iran in the Strait of Hormuz. West Texas Intermediate crude rose 9.4% to settle above $78 a barrel and Brent climbed 9.6% to just over $83; Cramer said investors moved into stocks that tend to benefit from higher gasoline prices and sold shares more exposed to rising fuel costs. He highlighted refiners as potential winners and named Valero Energy as his top pick, with the stock up about 5% Monday, and also pointed to Dow Inc. and Mosaic, whose shares rose more than 4% and nearly 4%, respectively. He added that discount and off-price retailers can hold up as consumers trade down, citing Walmart and TJX Companies; Walmart gained nearly 1% while TJX fell about 0.5%, as the S&P 500 ended down nearly 0.8% and the Nasdaq dropped about 1.5%.