Jim Cramer said near-term Federal Reserve rate cuts look increasingly unlikely after Federal Reserve Chair Kevin Warsh delivered a hawkish speech at the Jackson Hole economic symposium. Cramer described Warsh as a serious practitioner and said Warsh means business, while contrasting him with Treasury Secretary Scott Bessent. Cramer also cited escalating geopolitical tensions, uncertainty surrounding the war, regional allies’ dependence on the United States and rapidly rising oil prices. Brent crude futures for December 2026 jumped 4.11% to $92 per barrel after two Saudi-loaded supertankers were struck by unknown projectiles near the Strait of Hormuz. WTI futures rose 2.30% to $87.70. Oil stocks gained in premarket trading, while major U.S. equity ETFs declined.