The Financial Post reports in its Thursday edition that the last time armed conflict disrupted the global energy market, crude oil prices surged past $100 (all figures U.S.). A Postmedia dispatch to the Post reports that a similar situation is developing in the Middle East. Crude prices have already risen over $10 a barrel, pushing inflation concerns to the forefront and prompting significant investment in energy stocks. The current setup looks similar to energy's breakout in 2022, when Russia invaded Ukraine and sent oil prices rising over $100 a barrel, said Kevin Gordon, head of macro research and strategy at Charles Schwab. "What it did a few years ago for the energy sector was actually sort of padded earnings and profits for a year or two," said Mr. Gordon. "So there is that sort of lingering impact in terms of the energy sector's earnings, but at the same time you also need business confidence to hold up." Vettafi analyst Stacey Morris says, "Events like this point to why you should always have some energy exposure." She says traders with a longer-term inflation view are likely to keep adding more oil and gas stocks to their portfolios as a hedge, even though the stocks have climbed sharply to start the year.