Oil was last above $100 back in 2022. These were the best and worst stocks to own during that stretch

As oil prices surge, energy stocks could reclaim their crown as the market’s leaders, if history is any precedence. West Texas Intermediate crude futures jumped to a high of more than $119 in overnight trading as tensions in the Middle East escalated. The Dow Jones Industrial Average fell 886 points at its low on Monday. Stocks ultimately rebounded into positive territory as President Donald Trump said the war could be over soon. Oil prices have popped as the effective closure of the key Strait of Hormuz passageway has disrupted global energy supplies. Iraq has seen production from its main southern oilfields fall 70%, according to Reuters , while Kuwait has announced cuts . Oil last crossed the $100 per barrel price threshold on March 1, 2022, in the days following Russia’s invasion of Ukraine. Prices did not cross below the level for good until July 19, 2022. CNBC looked at stocks in the S & P 500 that were the best and worst performers during this stretch for any hints of the market leaders this time around. Unsurprisingly, energy stocks outperformed last time oil prices surged above $100. Of the five stocks that outperformed the most from March to July 2022, four belonged to the energy industry. Similarly, these names have already bucked the stock market’s year-to-date decline, with shares of Texas Pacific Land up 87% in 2026. Valero Energy and Occidental Petroleum have both surged more than 30%, while EQT is up nearly 16% in 2026. On the other hand, the worst performers during this stretch in 2022 were more consumer-tied names, such as Carvana and Royal Caribbean Group . Shares of Carvana have already plunged 26% this year, while Royal Caribbean Group is down almost 1%. Cruise operator Royal Caribbean fell on Monday alongside other travel stocks, as rising oil prices stirred up worries that drive fuel costs higher and eat into profits. Month to date, the stock was last trading 11% lower.