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Energy stocks: The effect of the Feb. 28 strikes on Iran on shares of popular energy companies

Saint Cloud, MN, USA / KNSI
Matt Miczulski for Finder
Apr 21, 2026 | 9:00 AM

Energy stocks: The effect of the Feb. 28 strikes on Iran on shares of popular energy companies

The escalation of conflict in the Middle East following the U.S.-Israeli military strikes on Iran on Feb. 28, 2026, sent shockwaves through the energy industry and financial markets. Oil prices surged amid global supply fears tied to disruptions in the Strait of Hormuz, and investors rushed to reposition for higher crude valuations. According to the data, there was plenty of upside.

To add to the uncertainty, the full effects on global supply chains are still unfolding.

The following data is of energy stock price action from Feb. 27, 2026 (the day before the strikes) through April 17, 2026. Finder explores the data of energy stocks and the impact of the Iran war globally to see which oil stocks have accelerated since the Feb. 28 military action began.

The Iran war on oil

The military action has disrupted key oil supply routes and heightened geopolitical risk, driving up global crude prices and boosting revenue potential for producers and midstream operators. While companies with diversified or non-Middle East production could gain a competitive edge, industry analysts believe this conflict drove strong gains across most of the energy sector as higher oil prices flow through to the bottom line.

The energy industry has complex, cross-border operations, meaning no major player is completely insulated from global price swings.

5 stocks experiencing the most and least growth in response to the Iran war

Even as the conflict continues to create significant global uncertainty, the Feb. 28 strikes are driving solid returns for many energy stocks, though results are mixed.

As of the close of April 17, 2026, the stocks experiencing the most growth in response to the Iran war are BW Energy (BWEFF), Sky Quarry (SKYQ), TC Energy (TCANF), La Française de l’Énergie (FDENF) and NCS Multistage Holdings (NCSM). These stocks have seen the largest gains since Feb. 27 — the day before the strikes.

The biggest laggards are Oil States International, Inc. (OIS), Sinopec Kantons Holdings Limited (SPKOY), Mexco Energy Corporation (MXC), Texas Pacific Land Corporation (TPL) and SandRidge Energy (SD). These stocks have seen the smallest gains or outright declines since the strikes began.

Finder

The impact of the Iran war on stocks of different regions

Energy stocks across the board responded positively to the U.S.-Israeli strikes, with solid gains reflecting the surge in oil prices. U.S. producers stood to benefit the most from the price surge with limited direct exposure to the conflict, as investors favored domestic producers less exposed to direct Middle East risk.

Regional impact on energy stocks (approximate averages)

  • U.S.: Strong double- and triple-digit gains for many producers and midstream names.
  • Europe: Solid gains for integrated majors and operators with limited Middle East exposure.
  • Canada/North America: Healthy appreciation, especially for pipeline and E&P names.
  • Asia/other: More varied results depending on production exposure and refining margins.

Impact on US energy stocks

It’s been a strong period for many U.S. energy companies, including ConocoPhillips (COP), EOG Resources (EOG), Occidental Petroleum (OXY) and Phillips 66 (PSX). While smaller and more leveraged names posted triple-digit gains, even the largest integrated and E&P players delivered healthy double-digit returns.

Table listing the value and percentage impact on US energy stock prices.
Finder

Impact on European energy stocks

European names posted solid gains as higher oil prices flowed through to integrated majors and operators with limited direct Middle East exposure. No major European energy company was left behind in the broad sector rally.

Table listing the value and percentage impact on European energy stock prices.
Finder

Impact on Canadian energy stocks

Canadian producers and pipeline operators saw healthy appreciation, especially those with strong North American exposure. Pipeline names like TC Energy delivered outsized gains while larger integrated players posted steady double-digit returns.

Table listing the value and percentage impact on Canadian energy stock prices.
Finder

Key takeaway

U.S. producers and midstream companies — particularly smaller and more leveraged names — delivered some of the strongest gains, as they were largely insulated from direct Middle East supply risks while capturing the upside of higher global oil prices. European and other international integrated majors also posted solid returns, but gains were generally more moderate due to their broader global exposure.

What investors should watch next

  • If the conflict de-escalates quickly, the stocks with the most growth could give back some gains as oil prices pull back.
  • Companies with heavy refining exposure (some of the laggards) may continue to lag if crude prices stay high but refining profit margins shrink.
  • Pipeline and midstream names have shown the most resilience so far because their revenue is tied more to volume than price volatility.

This story was produced by Finder and reviewed and distributed by Stacker.