Oil Surges On Iran-Israel Tensions — So Why Is XLE ETF Barely Moving?

Crude oil prices are up as tensions rise amid the ongoing escalation of the Iran-Israel conflict, but the biggest U.S. energy ETF has not budged much.

TheState Street Energy Select Sector SPDR ETF(NYSE:XLE) has gained only around 1% since the Iran-Israel tensions began, even as oil prices rose amid concerns about potential disruptions to crude oil supplies in the Middle East, where a third of the world's crude oil is produced.

The muted move highlights a familiar dynamic in energy markets: oil prices can spike quickly during geopolitical shocks, while energy equities often react...