Energy Stocks Rally Just Getting Going If Ukraine Lessons Hold

The last time an armed conflict upended the global energy economy, crude spiked past $100 and shares in oil and gas producers rallied for months. A similar trajectory might be unfolding as war rages in the Middle East.

Already, crude prices have soared more than $10 a barrel, though both Brent and West Texas International remain well below $100. The sharp rise has ushered inflation worries to the top of the list of market threats, and investors are pouring cash into shares of energy producers at a rate not seen since Russia escalated its war against Ukraine in 2022.