As tensions in the Middle East push global oil prices sharply higher, an analysis has emerged that recent crude gains have outpaced profits from holding XRP over the long term.

A claim reported by blockchain outlet The Crypto Basic on March 9 said investors who bought crude about 12 days ago may have posted higher returns than those who have held XRP for the past 8 years. It attributed this to rising volatility in energy markets as the Israel-Iran conflict intensifies.

After the conflict escalated, global oil prices surged. West Texas Intermediate (WTI), a benchmark, rose about 57 percent over roughly 12 days. Over the same period, XRP fell about 5.6 percent.

The conflict escalated rapidly after the United States and Israel attacked targets including Iran's nuclear-related facilities, and Iran moved to retaliate. The Middle East is a major energy-producing region, and the stability of the Strait of Hormuz, which about 20 percent of global oil and liquefied natural gas shipments pass through, is seen as a key market variable.

Amid the geopolitical tension, WTI has been highly volatile. WTI, which was around $65 a barrel in late February, rose to $119 as the conflict deepened, marking its highest level in about 4 years. It later fell on some profit-taking and now trades around $102, but its gain since the conflict began still exceeds 50 percent.

The cryptocurrency market, by contrast, has been relatively weak. XRP fell to about $1.27 early in the conflict, then rebounded to $1.47, but later turned lower again and now trades around $1.35.

Bong (봉), described as a figure in the Solana community, shared the data and claimed, "An investor who invested in crude 12 days ago may have made higher returns than an investor who held XRP for 8 years."

Based on his calculations, an investment of about $20,000 in crude when the conflict began could have bought about 307 barrels, and may now be worth more than about $31,000 at current prices.

It is also noted that the comparison is based on a specific point in time. The picture differs over the longer term. XRP has risen more than about 22,000 percent since trading began in 2013, while WTI has fallen about 4 percent over the same period. Over the past 2 years, XRP has climbed about 132 percent, far outpacing gains in crude.

An analysis in the market says short-term geopolitical shocks can act as a strong upward driver for energy markets, but long-term investment performance can show different trends by asset.