Oil prices have a big impact on stock markets in countries that import or export oil. A study compared Pakistan, an oil importer, and Iran, an oil exporter, to see how oil price shocks affect their stock markets. The study found that high oil prices hurt the stock market in Pakistan but helped it in Iran. This means that oil price changes can have different effects on stock markets depending on whether a country imports or exports oil. Investors in both countries should consider diversifying their stock portfolios with other financial assets.