To the surprise of some investors, energy stocks  have quietly underperformed in 2025—especially oil and gas names. Despite steady U.S. production under the Trump administration, efficiency gains and subdued global demand have kept energy prices in check, giving consumers the upper hand. Lower oil and gas prices have also been a bright spot as inflation remains sticky in other areas of the economy. Yet, as history has shown, supply-demand dynamics can shift abruptly when geopolitical events disrupt markets. ...