An important catalyst is unfolding in the energy trade right now.
The West has reached a deal with Iran to freeze its nuclear program in exchange for relief from some sanctions.
The accord has been the subject to all kinds of positive and negative analysis, but even the most vocal skeptics can't argue that the agreement is history-making.
"The mere fact that after 34 years of estrangement, the United States and Iran have signed a diplomatic accord — even if it is a tactical, transitory one — opens the door to a range of geopolitical possibilities available to no American leader since Jimmy Carter," writes the New York Times.
Although the current accord doesn't allow Iran to increase oil production, developments still suggest, as relations thaw, a major shift could follow in time .
Given these potentially game changing developments, here's what Jim Cramer finds most noteworthy.
Brent remains the global benchmark for oil and although fell, it didn't fall precipitously. "That's despite a development that could ring fence Iran, the biggest wild card in the Middle East," Cramer said.
Therefore, Cramer believes the relative strength in Brent should be interpreted as a sign that the market believes if supply increases there will be more than enough additional demand to soak it up.
In turn, that suggests to Cramer, "the world's economies, particularly, China's, are actually doing better." If you agree with the thesis, Cramer thinks the stocks of BP, Exxon and Chevron could go higher.
--------------------------------------------------------
Read More from Mad Money with Jim Cramer
Cramer's game plan: Turkey and TiVo??!
Cramer navigates treacherous retail
Cramer's 4 go-to names, thru year-end
--------------------------------------------------------
Also, looking at the decline in West Texas on the news, Cramer isn't sure developments warrant much if any sell-off. "Brent and WTI really aren't that closely linked," Cramer said, because it remains relatively difficult to get WTI to refineries.
Therefore, Cramer believes if domestic oil plays sell-off on the Iran accord, he'd view the decline as an opportunity. "My first choice? I would go with Noble. It has a terrific international natural gas business. Then EOG because of its excellent Bakken, Permian and Eagle Ford holdings."
Call Cramer: 1-800-743-CNBC
Questions for Cramer? madmoney@cnbc.com
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com