Oil Futures Soar To $112 — Jim Cramer Flags Historic Sell-Off Risk During Trump–Iran Tensions: 'Here We Go Again'

On Thursday, oil prices surged sharply as escalating geopolitical tensions between the U.S. and Iran pushed crude toward a near-100% year-to-date gain.

Oil Prices Spike Amid Escalating US–Iran Tensions

U.S. West Texas Intermediate crude futures for May climbed 11.93% or 11.94 points to 112.06, while Brent crude climbed 7.99% or 8.08 points to 109.24.

Refined products also saw strong gains, as RBOB gasoline rose 6.07% or 0.1876 points to 3.279 and ULSD heating oil advanced 9.24% or 0.3747 points to 4.4315.

In contrast, natural gas edged lower, slipping 0.43% or 0.012 points to 2.807.

Meanwhile, at the time of writing, U.S. stock futures were largely flat, with Dow futures inching up 1.00 point to 46,733.00, S&P 500 futures gaining 1.50 points (0.02%) to 6,623.75 and Nasdaq futures dipping 0.50 points (0.00%) to 24,217.50.

On Friday, South Korea's KOSPI rose 2.50% or 130.60 points to 5,364.65, while Japan's Nikkei 225 gained 1.41% or 739.77 points to 53,203.04.

The U.S. Dollar Index (DXY) was largely flat, slipping 0.01% or 0.006 points to 100.011.

Jim Cramer Notes Market Downturn Pattern

Amid the rally, CNBC host Jim Cramer ...

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