Investing.com — Energy stocks have shown sharp divergence since the start of the Iran conflict, with refiners and LNG-linked companies emerging as the biggest winners while several oilfield services and infrastructure names have lagged, according to a recent Goldman Sachs note.
The geopolitical shock has pushed oil prices higher and disrupted shipping flows through the Strait of Hormuz, forcing markets to reassess supply risks and positioning across the energy sector. That shift has driven strong performance in companies tied to refining margins, LNG exports and North American drilling activity.
Among the leaders, analysts highlighted , , , , Duke Energy Corporation (NYSE:DUK), and as stocks that have outperformed since the conflict began. Refiners in particular have benefited from stronger crack spreads and tighter fuel supply, while LNG exporters have gained from rising global gas prices and supply disruptions.
Refining companies have seen some of the strongest gains as supply disruptions in the Middle East lifted fuel prices and boosted margins. Marathon Petroleum’s exposure to higher refining margins and strong fuel demand has supported its stock performance, according to the report.
Upstream producers have also moved higher. Ovintiv has outperformed peers in the exploration and production space, helped by portfolio restructuring and a stronger focus on high-quality shale assets in North America.
Meanwhile, Venture Global has been a standout among LNG exporters as global gas prices surged following disruptions to Middle East supply routes. The company’s exposure to uncontracted LNG capacity allows it to capture upside when international gas prices rise.
On the other hand, several stocks have lagged the broader energy rally. Goldman Sachs identified , , , LandBridge Co LLC (NYSE:LB), , , and Acuity as relative underperformers since the conflict began.
Exxon Mobil’s weaker relative performance reflects investor concerns about its exposure to Middle East supply risks, while SLB has been pressured by disruptions to offshore activity in the Persian Gulf as rigs were temporarily demanned amid security concerns.
Infrastructure and services firms tied more closely to global activity levels have also faced headwinds as companies delay projects and reassess capital spending during the conflict.