Geopolitical risk in the Gulf has flared again, with US Iran tensions, naval blockades, and attacks on commercial ships reshaping how investors think about energy exposure. At the same time, the decision to drop a 20% cargo fee on ships in the Strait of Hormuz and shift Gulf capital toward US trade and investment creates a very different set of winners and potential laggards. This article explains how that mix of risk and opportunity affects 3 stocks from an Energy Sector screener that appear positively exposed to the latest news and may be worth a closer look or cautious avoidance, depending on your view.

Obsidian Energy (TSX:OBE)

Overview: Obsidian Energy is a Calgary based oil and gas producer focused on exploring, developing, and operating light oil, heavy oil, and natural gas fields across Western Canada.

Operations: Obsidian Energy generates about CA$491.9 million from oil and gas exploration and production activities, all from Canada.

Market Cap: CA$851.4 million

Obsidian Energy provides direct exposure to Canadian upstream production at a time when Gulf tensions and potential supply disruptions keep attention on non Middle East producers. The stock screens as inexpensive against a DCF estimate of fair value and P/S levels that sit below both industry and peer averages. Analysts also anticipate strong earnings and revenue growth. At the same time, the recent net loss, one off charges, higher level of debt funding, and low current ROE indicate that this is not a low risk situation. The interaction of these funding moves, raised production guidance, and buybacks with a volatile oil backdrop is a key factor for investors to monitor.

Obsidian Energy appears to be positioned between relatively low P/S multiples and meaningful balance sheet questions, so walk through the 5 key rewards and 1 important warning sign to see what might be quietly driving the next chapter in this story

Golar LNG (GLNG)

Overview: Golar LNG designs, converts, owns, and operates floating liquefied natural gas, or FLNG, vessels that turn natural gas into LNG at sea, as well as ships that store, regasify, and transport LNG globally.

Operations: Golar LNG generates about US$442.9 million from its first FLNG unit and around US$25.7 million from its Corporate and Other activities.

Market Cap: US$5.2b

Golar LNG sits at the crossroads of rising LNG trade and heightened Gulf risk. Its FLNG vessels and LNG carriers can benefit when energy flows are disrupted and price volatility picks up. Long term FLNG contracts and a large contracted EBITDA backlog point to substantial cash flow visibility, while recent Q1 2026 results show strong profitability and a cash dividend on top. At the same time, a high P/E multiple, reliance on external debt, and dividends that are not well covered by free cash flow mean any setback in LNG demand, project execution, or financing could matter quickly. For investors who want to understand how that balance of growth potential and funding risk really stacks up, this is a stock that merits a closer look.

Golar LNG’s contracted FLNG cash flows and high P/E suggest investors may be missing how growth expectations and funding risks really interact, so walk through the analysis report for Golar LNG to see what might be hiding beneath the headline numbers

Surge Energy (TSX:SGY)

Overview: Surge Energy is a Calgary based oil and gas producer that explores, develops, and operates crude oil and natural gas fields across Western Canada, with key positions in Sparky Alberta, Southeast Saskatchewan, Greater Sawn, Nevis, and Manitoba.

Operations: Surge Energy generates about CA$479.1 million from oil and gas exploration and production, all from Canada.

Market Cap: CA$940.8 million

Surge Energy stands out in this screener because it sits at the intersection of rising Gulf risk, sensitivity to global oil pricing, and a business that has only recently turned profitable. Its outlook includes forecast earnings growth of 89.54% a year and revenue growth above the Canadian market, paired with a share price that screens at a large discount to estimated fair value, yet trades on a very high P/E, so expectations are already built in. On top of that, investors are receiving a 5.54% dividend and seeing buybacks, even as funding leans on external borrowing and insiders have been selling. The key consideration is how that mix of growth forecasts, leverage, and shareholder payouts holds up if oil volatility persists.

Surge Energy’s high forecast growth, rich P/E, and generous dividend hint that the market may be missing how these pieces fit together, so review the analyst forecasts for Surge Energy to see what could change that story next

The three stocks covered here are only a starting point, and the full screener turned up 27 more companies in the Energy Sector (Oil & Gas Producers and Services) screener with equally compelling risk reward stories. Use Simply Wall St to quickly identify, filter, and analyze the specific catalysts and narratives that matter to you so you can focus on the highest conviction energy plays.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.