Available performance data show that neither oil nor energy‑related equities were among the top‑performing major asset classes in 2024.

• Within U.S. equities, the S&P 500 returned about 25% total in 2024, while the S&P 500 Energy sector returned only about 5.7%. A sector breakdown from RBC (using total returns including dividends through 12/31/24) shows Energy at +5.72%, far behind leading sectors such as Communication Services (+40.2%), Information Technology (+36.6%), Financials (+30.5%), and Consumer Discretionary (+30.1%), and only barely ahead of laggards like Real Estate and Materials. (rbcwealthmanagement.com)
• A press release and fund commentary referencing the S&P 500 Energy Sector explicitly confirm that it returned 5.7% in 2024, noting that "the Energy market presented challenges" that year—again indicating that energy equities were not strong relative performers. (nasdaq.com)
• Looking at major asset classes globally, a 2024 asset‑class return table shows: Bitcoin +120.8%, gold +27.2%, U.S. large‑cap equities +23.3%, U.S. small caps +10.1%, etc., while crude oil (as a commodity) returned only +0.7% in 2024—near the bottom of the major‑asset‑class stack and well below equities and gold. (visualcapitalist.com)
• Oil prices themselves did not experience a big upside shock from geopolitical risk. A 2024 review notes that Brent crude traded mostly in a stable $74–$90 band and finished the year around $74.64, about 3% below its final 2023 close of $77.04, marking a second straight annual decline for Brent. (livemint.com)

Because both oil prices and energy stocks produced only mid‑single‑digit returns and clearly underperformed leading sectors and asset classes, the prediction that energy/oil would be "among the top performers of 2024" due to escalating geopolitical conflict and supply‑disruption risk did not come true.