Major oil producers like ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) are up 5.65% and 3.9%, respectively. Despite crude oil being a favorite trade of inflation bulls, it failed to continue its run following the blow-off top in March 2022, settling into a treacherous downtrend starting last summer. The underperformance in crude oil over the last year had disappointed many as it looked like many fundamental factors set it up for a major bull run, even before the Russia and Ukraine war began.