Jim Cramer Calls Market 'Miserable' as WTI Jumps 9.4% to $78.14 on July 21

According to CNBC, Jim Cramer called the market "miserable" on July 21 as President Trump's reinstatement of a Strait of Hormuz blockade drove WTI crude up 9.4% to $78.14 a barrel. The blockade, which affects roughly one-fifth of global oil transport, triggered sharp volatility across equity markets.

Monetary policy added further pressure, with the Federal Reserve maintaining its target rate at 3.50%-3.75% and roughly half of Fed officials now signaling openness to a rate increase before year-end 2026. Bitcoin traded near $65,000 amid the broader risk-off environment shaped by geopolitical tensions and hawkish central bank guidance.