Energy Equities Mixed Despite Oil’s Biggest Rally Since 2022

Oil prices briefly hit triple-digits in early Monday trading before pulling back sharply, with the volatility throwing global energy stocks into a tizzy. Brent crude oil rocketed to $119 during Asia Pacific trading, its highest level since 2022, before falling below $90 per barrel in the afternoon, still a big jump from ~$78 per barrel just a week ago. The price spike was triggered by the intensifying conflict between the U.S., Israel, and Iran, which has led to a near-total blockade of the Strait of Hormuz. The pullback, however, came amid reports…