Jim Cramer Discusses Impact Of Rising Oil Prices On The Stock Market

On CNBC’s "Mad Money," Jim Cramer said the sharp rise in crude oil prices is expected to unsettle the equity market. For the stock market to stop struggling, oil prices need to stop rising, "otherwise we’re toast," he said.

West Texas Intermediate crude oil prices surged to $83.87 per barrel on Monday, notching the highest level since October 2014.

With oil-related stocks and travel stocks representing less than 10% of the overall S&P 500 index, the spike in prices spells trouble for the remaining stocks in the index.

To meet the higher energy demand from the economy rebounding, crude oil production needs to be boosted, the "Mad Money" host said. If the same doesn’t happen, oil prices might rise even further, he added.

Price Action: WTI crude oil futures gained 0.2% to settle at $82.44 per barrel on the NYMEX on Monday. Dow Jones lost 0.10%, while the Nasdaq index climbed 0.84%.