3 Stocks Positioned to Gain From Ongoing Elevation in Crude Price

The ongoing geopolitical tension in the Middle East has driven a surge in crude prices globally. This rise in oil prices is creating a favorable operating environment for upstream players such as ConocoPhillips COP, Diamondback Energy, Inc. FANG and EOG Resources, Inc. EOG, and investors are expected to keep a close watch on these stocks.

Oil Price Likely to Remain High

The crude prices of West Texas Intermediate (WTI) are trading close to $100 per barrel, according to oilprice.com. The U.S. Energy Information Administration, in its latest short-term energy outlook, predicts the WTI crude prices to be $73.61 per barrel in 2026, up from $65.40 in 2025, indicating that crude prices will remain elevated.

Upstream companies are well-positioned to capitalize on the strong pricing backdrop as they sell unrefined hydrocarbons.

3 Stocks to Gain: COP, FANG, EOG

Headquartered in Houston, TX, ConocoPhillips operates globally across several key oil and gas regions. COP’s area of operations includes the Lower 48 region in North America, Europe, the Middle East and North Africa, Asia Pacific, Alaska, Canada and Other International. COP, currently carrying a Zacks Rank #3 (Hold), expects to lower capital spending from $13.7 billion in 2025 to about $12 billion in 2026, driven by improved efficiency in its Lower 48 assets and disciplined cost control.

Headquartered in Midland, TX, Diamondback Energy possesses high-quality, long-life inventory in the Midland Basin. Backed by these assets, FANG, currently holding a Zacks Rank #3, reported a 9% increase in oil production per share from 2024 to 2025.

Headquartered in Houston, TX, EOG Resources, which has a Zacks Rank #3, combines advanced technical capabilities with operational excellence to sustain its position as a leading low-cost producer of energy. Supported by high-quality, long-life inventory in domestic and international asset base, EOG is committed to operating in an environmentally responsible way, reducing its impact on nature while contributing to the long-term future of energy.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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ConocoPhillips (COP): Free Stock Analysis Report

EOG Resources, Inc. (EOG): Free Stock Analysis Report

Diamondback Energy, Inc. (FANG): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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