As the US–Iran war escalates, investors are rotating toward sectors that tend to outperform in periods of geopolitical stress: energy, defence and critical infrastructure.
Crude prices have climbed to multi‑month highs, tankers are avoiding the Strait of Hormuz, and governments are signalling higher defence and energy‑security spending.
Below are four stocks across those themes that analysts say are positioned to benefit if the conflict and its economic fallout drag on.
TotalEnergies SE (TTE)
TotalEnergies is a French supermajor with a diversified footprint across exploration and production, LNG and power, and refining and petrochemicals, giving it multiple ways to monetise elevated oil and gas prices.
Its upstream business benefits directly from higher Brent, while its LNG and power operations provide leverage to Europe’s drive to secure alternatives to Russian and potentially disrupted Middle Eastern supply.
Analysts note that TotalEnergies targets around 3% annual oil and gas production growth in 2026 and is investing heavily in gas and renewables, blending cyclical upside with an energy‑transition story.
The stock offers a dividend yield above 4%, with buybacks funded by strong free cash flow at current prices.
That combination of income, diversification and geopolitical leverage makes it a core energy holding for many institutions in this environment.
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Chevron Corp. (CVX)
Chevron is widely cited as one of the key US‑listed beneficiaries of an Iran‑driven risk premium in oil and gas.
The company has a diversified international portfolio, including stakes in major fields such as Leviathan offshore Israel, which tie it directly to the shifting security map in the region.investing+1
Analysts highlight that Chevron’s fair value estimates imply double‑digit upside from recent levels, helped by disciplined capital spending and a focus on shareholder returns through dividends and buybacks.
Historically, prior Middle East shocks that lifted oil prices have translated into outperformance for integrated US majors, and current tensions are seen as reinforcing that pattern.
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RTX Corp. (RTX)
RTX, formerly Raytheon Technologies, is another name frequently highlighted as a potential beneficiary of the Iran conflict.
The company’s portfolio includes Patriot air‑defence systems, radars and cruise missiles, all of which are directly relevant as Iran and its proxies field ballistic and drone threats.
Analysts at Zacks and Investing.com point out that RTX has a well‑documented history of seeing its shares rise during earlier US‑Iran flare‑ups, reflecting both immediate demand for its systems and expectations of higher long‑term defence budgets.
With many of its products deployed in Israel and across the Gulf, further escalation could reinforce orders and sustain the sector’s recent outperformance.
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Eni S.p.A. (E)
Italian energy group Eni is among the European oil stocks flagged by analysts as particularly sensitive to crude price moves — and thus a beneficiary of an Iran‑driven supply premium.
UBS describes Eni’s capital allocation as “best‑in‑class” and notes that its upstream portfolio has strong torque to higher benchmarks.
The company offers a dividend yield above 5%, with returns underpinned by rising cash flow as prices move higher.
In a scenario where Strait of Hormuz risks keep a geopolitical premium embedded in crude, Eni’s combination of yield and leverage to prices makes it attractive for investors seeking both income and cyclical upside within the energy space.
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