That’s because the correlation between crude oil and stocks has not been stable over time. For several decades prior to 2000, for example, that correlation was negative, as you can see in the chart below. During those decades, higher oil prices in a given month led to below-average stock-market returns in the subsequent month.

Oil futures tumbled again Tuesday on hopes that the shaky ceasefire between Israel and Iran would reduce if not eliminate the risk any significant disruption to global energy markets. Gasoline futures fell,