(Bloomberg) -- Oil and gas stocks fell Thursday, giving up gains attained in early trading, amid a global market selloff as Russia ordered a military attack on Ukraine.

The S&P 500 Energy Index swung between gains and losses in early trading and is now down about 0.5%, outperforming the S&P 500 Index which has slumped 1.4%. Energy companies including Pioneer Natural Resources Co. and APA Corp. are in the green Thursday, contributing to the sector’s smaller decline.

Oil surged above $105 a barrel for the first time since 2014 with Brent jumping more than 9% as Russia attacked sites across Ukraine, triggering fears of a disruption to energy exports at a time of already tight supplies. U.S. benchmark West Texas Intermediate briefly topped $100 a barrel.

Energy stocks have been outperforming so far this year amid rising crude prices, inflation concerns and geopolitical tensions. The sector is the only rising major industry group in the S&P 500 so far in 2022, after being the top performer in 2021.

“Energy has certainly been the best acting sector in the S&P 500 for months,” Art Hogan, chief market strategist of National Securities Corporation, wrote in a message.

In broader commodities, gold surged to a 15-month high, aluminum jumped to a record and grains markets soared.

©2022 Bloomberg L.P.