  Recently, asymptotically-flat black holes with multiple photon spheres have
been discovered and found to produce distinctive observational signatures. In
this paper, we focus on whether these black hole solutions are physically
viable, e.g., satisfying energy conditions of interest. Intriguingly, black
hole and naked singularity solutions with two photon spheres and one
anti-photon sphere are shown to exist in physically reasonable models, which
satisfy the null, weak, dominant and strong energy conditions. Our findings
reveal that black holes with multiple photon spheres may not be frequent, but
they are not exotic.
