The article explores how different oil price shocks impact the relationship between oil and stock markets in countries that import or export oil. By using various models, the researchers found that the correlation between oil and stock markets doesn't change based on the origin of oil price shocks or a country's status as an oil importer or exporter. They also discovered that the connection between oil price returns and stock index returns varies over time in the selected countries. This suggests that international investors can't protect against oil price shocks by diversifying their portfolios with oil importer and exporter stocks, and should consider other strategies like future contracts.