Though crude fell Wednesday, with Brent flirting with its lowest level in more than a year, disruption risks posed by mounting geopolitical tensions will dictate the future price of oil, CNBC's Jim Cramer said Wednesday.
U.S. and European Union sanctions on Russia, as well as the ongoing unrest in Iraq, in particular, will have the most influence on oil prices, Cramer said on "Squawk on the Street."
"We've been trying to figure out how to quantify Russia, OK? And what is happening with Russia," Cramer said. "And the way you're going to have to quantify it is that Schlumberger cut numbers ahead of everyone."
The world's No. 1 oilfield services provider on Tuesday became the first major U.S. company to say that its quarterly earnings would be hurt by Russian sanctions. Cramer thinks rival Weatherford International, which gets about 3.5 percent of its revenue from Russia, could be next.
Weatherford also does a lot of business in Iraq, which remains in turmoil. The Sunni jihadist Islamic State continues to battle Kurdish forces and the Yazidi minority in northern Iraq. In response, the U.S. has launched airstrikes against the ISIS militants.