Evidence from 2024 shows that neither energy stocks nor oil itself were among the top‑performing asset classes, and oil prices did not experience an exceptional, conflict‑driven spike.

• Energy stocks underperformed other equities. The S&P 500 energy sector returned only about 1.9–5.6% in 2024, versus roughly 23% for the overall S&P 500, and ranked near the bottom of the 11 sectors (9th out of 11 by one breakdown).(visualcapitalist.com)
• Oil was not a top asset class. A cross‑asset table of 2024 returns shows crude oil up only about 0.7% for the year, while Bitcoin, gold, U.S. large‑cap stocks, and several other assets posted far higher gains. Commodities as a whole returned about 2.6%, again leaving crude oil well away from the top tier.(visualcapitalist.com) Even sources that estimate a mid‑teens gain for crude still place it far behind leading commodities like cocoa, coffee, and gold.(ctol.digital)
• Oil prices rose but stayed range‑bound rather than spiking. Brent crude averaged about $81 per barrel in 2024, according to the U.S. Energy Information Administration.(eia.gov) There were periods (e.g., April 2024) when Brent climbed into the high‑$80s, helped by Middle East tensions and other geopolitical risks, but analysts repeatedly characterized prices as stable or range‑bound, with a modest risk premium rather than a large, one‑off spike.(reuters.com)

Given that (1) energy equities were laggards rather than leaders and (2) oil prices moved within a relatively moderate band instead of delivering a dramatic, conflict‑driven surge, Sacks’s prediction that energy stocks and prices would be among the top‑performing asset classes in 2024 due to a significant geopolitical spike in oil did not come true.