KEY POINTS
  • CNBC's Jim Cramer broke down why oil's skyrocketing price has Wall Street worried about a recession, pointing to the fall in oil stocks on Wednesday even as crude hit record levels.
  • "As long as oil prices keep climbing, it's hard to make the case for a soft landing. Oil's a nightmare for the Fed. It reverberates throughout the whole economy, and there seems to be no stopping it," the "Mad Money" host said.

CNBC's Jim Cramer broke down why oil's skyrocketing price has Wall Street worried about a recession, pointing to the fall in oil stocks on Wednesday even as crude hit record levels.

"As long as oil prices keep climbing, it's hard to make the case for a soft landing. Oil's a nightmare for the Fed. It reverberates throughout the whole economy, and there seems to be no stopping it," the "Mad Money" host said. "Every time crude goes up, so do the odds of a recession," he added.