In this article, we will list the 5 Best Oil Stocks to Buy Now Amid the US-Iran Conflict. Please visit 10 Best Oil Stocks to Buy Now Amid the US-Iran Conflict if you would like to see the extended list and the methodology behind it.
5. Energy Transfer LP (NYSE:ET)
Stock Upside Potential: 17.09%
Year to Date Gain: 20.98%
Number of Hedge Fund Holders: 34
Energy Transfer LP Unit (NYSE:ET) is one of the best oil stocks to buy now amid the US-Iran Conflict. On May 12, analysts at Scotiabank reiterated an Outperform rating on Energy Transfer LP Unit (NYSE:ET) and raised the price target to $24 from $22.
The bullish stance and price target hike are in response to first-quarter reports that showed midstream names’ capacity and their ability to capture outsized earnings during the period of turbulence. The company delivered net income attributable to shareholders of $1.25 billion with net income per common unit of $0.35. Adjusted EBITDA increased 20% to $4.94 billion.
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Energy Transfer LP Unit’s edge as a midstream energy company stems from its diversified asset portfolio. Its multiple segments generated high-quality, balanced earnings with no single business accounting for more than one-third of adjusted EBITDA. The company expects adjusted EBITDA for the full year of 2026 to range between $18.2 billion and $18.6 billion, up from the previous range of $17.45 billion to $17.85 billion.
Energy Transfer LP (NYSE:ET) operates as a “midstream” energy company, meaning it does not drill for oil or refine it for consumer use. Instead, it serves as the logistical backbone of the energy industry, transporting, storing, and terminalling crude oil, natural gas, and natural gas liquids (NGLs) across the United States.
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.
3. SLB N.V. (NYSE:SLB)
Stock Upside Potential: 20.94%
Year to Date Gain: 42.49%
Number of Hedge Fund Holders: 74
SLB N.V. (NYSE:SLB) is one of the best oil stocks to buy now amid the US-Iran Conflict. On May 11, analysts at Bernstein SocGen Group reiterated an Outperform rating on SLB N.V. (NYSE:SLB) and raised the price target to $71 from $56.10.
The price target hike comes amid expectations that the company is well-positioned to achieve long-term growth of 3.5%, up from the previously expected 2%. Bernstein SocGen expects the company to achieve higher growth rates owing to SLB’s strong record of high research and development spending, which drives high profit margins.
SLB’s steady investment in research and development—including during downturns—has contributed to higher profits and enabled the company to scale new technologies, as shown by growth in its data center business over the past two years.
The company successfully navigated the first quarter despite the Middle East conflict affecting its operations. It achieved a 3% year-over-year increase in revenue, totaling $8.72 billion. However, net income attributed to shareholders fell 6% to $752 million.
SLB N.V. (NYSE:SLB) (formerly Schlumberger) is an oilfield services and technology company. It provides equipment, software, and services to the global energy industry—primarily focusing on drilling, reservoir performance, production systems, and carbon capture technologies.
2. Shell plc (NYSE:SHEL)
Stock Upside Potential: 24.61%
Year to Date Gain: 13.61%
Number of Hedge Fund Holders: 45
Shell PLC (NYSE:SHEL) is one of the best oil stocks to buy now amid the US-Iran Conflict. On May 20, QatarEnergy acquired stakes in three offshore exploration blocks in Uruguay from a Shell PLC (NYSE:SHEL) subsidiary, marking its first entry into the country’s upstream sector. Shell remains a key operator, holding majority interests in blocks OFF‑2 and OFF‑7, and a significant stake in block OFF‑4. The deal reinforces Shell’s role as a strategic partner for QatarEnergy in South America, expanding collaboration beyond existing projects in Qatar and other regions.
On May 18, analysts at HSBC upgraded Shell PLC to a Buy from a Hold, impressed by improved cash generation and stronger-than-expected earnings momentum.
The research firm expects Shell PLC to deliver improved medium-term production as it capitalizes on its recent acquisition of ARC Resources. The acquisition is poised to add about 370,000 barrels of oil per day of production and 2 billion barrels of proved and probable reserves. Enhanced production is expected to lift the company’s growth rate to around 4% annually through 2030.
While Shell PLC did trim its quarterly share buyback to $3 billion from $3.5 billion. It is poised to redirect the $500 million balance towards the balance sheet and partly offset an unexpected 5% increase in the dividend. HSBC expects the buyback to revert to $3.5 billion in the first quarter of 2027.
Shell PLC (NYSE:SHEL) is a global integrated energy company that operates across the entire oil and gas value chain, from finding and extracting crude oil to refining it into everyday products and distributing them to consumers.
1. Devon Energy Corporation (NYSE:DVN)
Stock Upside Potential: 28.59%
Year to Date Gain: 24.69%
Number of Hedge Fund Holders: 58
Devon Energy Corporation (NYSE:DVN) is one of the best oil stocks to buy now amid the US-Iran Conflict. On May 21, Devon Energy Corporation (NYSE:DVN) completed the acquisition of 16,300 net undeveloped acres through a U.S. government federal lease sale in the core of the Delaware Basin in Lea and Eddy Counties.
The $2.6 billion sale is poised to bolster the company’s Delaware Basin positions and further extend inventory life. Devon Energy Corporation is to fund the acquisition with cash on hand while maintaining a strong credit profile.
The deal will add 400 net locations, normalized to 2-mile laterals, with strong well economics expected. The new position will also result in high net revenue interest, given that Federal leases carry 87.5% net revenue interest with 19-year terms across all depths.
The acquisition comes on the heels of the company announcing a series of capital return actions following the completion of all stock mergers with Coterra Energy. The board has already approved an $8 billion share repurchase representing 15% of the current market capitalization. It has also approved a $ 0.320-per-share dividend, a 33% quarter-over-quarter increase.
Devon Energy Corporation (NYSE:DVN) is an independent oil and gas company that explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Operating entirely within the United States, its primary assets are concentrated in major resource basins, with a significant footprint in the prolific Delaware Basin.
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