5 Best Oil Stocks to Buy Now Amid the US-Iran Conflict

4. ConocoPhillips (NYSE:COP)

Stock Upside Potential: 18.16%

Year to Date Gain: 24.57%

Number of Hedge Fund Holders: 74

ConocoPhillips (NYSE:COP) is one of the best oil stocks to buy now amid the US-Iran Conflict. On May 1, analysts at Truist Securities increased their price target of ConocoPhillips (NYSE: COP) to $128 from $127 and reiterated a Hold rating. The analyst views the stock positively, citing its deep resource base and exposure to both short‑ and long‑cycle opportunities, along with a strong LNG portfolio that enhances growth prospects.

The price target hike comes on the heels of the company delivering solid first-quarter financial results that came above estimates. Amid the ongoing conflict in the Middle East, ConocoPhillips delivered another quarter of strong financial and operational performance. Adjusted earnings in the quarter totaled $2.3 billion or $1.89 a share on the production of 2,309 thousand barrels of oil equivalent per day (MBOED).

During the quarter, the company asserted its commitment to shareholder value by distributing $2 billion, comprising $1 billion in buybacks and $1 billion in ordinary dividends. The company has also approved a $0.84 ordinary dividend to be paid on June 12026. For the second quarter, the company is on track to produce 2.185 to 2.215 million barrels of oil equivalent per day (MMBOED).

ConocoPhillips (NYSE:COP) is one of the world’s largest independent exploration and production (E&P) companies. It operates globally to find, extract, transport, and market crude oil, natural gas, liquefied natural gas (LNG), and natural gas liquids.