The Financial Post reports in its Wednesday edition that investors seeking refuge in energy stocks during the Iran conflict should stay cautious. The Post's Geoffrey Morgan writes that this warning comes from various Wall Street analysts, including those at Jefferies Financial Group and Citigroup, as rising oil prices bolster the already strong performance of the energy sector. Even before the Iran war drove oil prices up, energy was the top-performing sector in the S&P 500, rising 29 per cent this year. It continues to lead since the war began, despite Monday's rally driven by hopes for resumed ship traffic through the Strait of Hormuz. Traders have been investing heavily in energy stocks for two weeks since the war started, despite the White House's reassurances that the spike in oil prices is temporary. "Are these equities pricing in a higher value than expected? Probably," said Hennessy Advisors' Ben Cook. Citi's global sector-selection model moved U.S. energy to a short position on Monday, replacing the utilities sector, and forecasting the group would see declines over the next month, whereas tech, industrials and financials may outperform.