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, reminiscent of the 2022 surge following Russia's invasion of Ukraine. 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. She says, "People like to buy stuff when it's going up, even though we've all been taught to buy low." The State Street Energy Select Sector SPDR fund, which has seen net outflows of nearly $14-billion in the past three years, has taken in $4-billion in the first two months of 2026. Exxon Mobil and Chevron are up about 26 per cent and 24 per cent -- even after energy producers joined a broader market sell-off Tuesday.