Jim Cramer: Energy Stocks Are Most Overvalued. Exxon Replies: All-Time High.

On March 1, Cramer told his Investing Club subscribers to lighten up on energy holdings, declaring a global oil glut. By March 30—less than a month later—ExxonMobil set an all-time high, nullifying the thesis entirely. The reality? The Strait of Hormuz blockade related to the Iran conflict was preventing oil deliveries, which actually tightened supplies and boosted prices. Cramer's backward-looking glut narrative got run over by geopolitical facts. Exxon later disclosed the blockade cost them about 6% of Q1 global production. The world didn't have plenty of oil after all—it had a shipping problem. Producers loved it.