Oil markets are back in the spotlight as investors weigh renewed tension around U.S. and Iran relations, possible disruption near the Strait of Hormuz, and concerns that higher energy costs could feed inflation and keep central banks cautious. These headlines affect more than crude prices; they ripple through balance sheets, capital plans, and cash flows across the energy sector. This article looks at how that news backdrop intersects with stocks in an Energy Sector Stocks (Oil & Gas) screener, and highlights 3 stocks that appear most exposed to these developments, helping investors assess which opportunities or risks may deserve closer attention.

Oil States International (OIS)

Overview: Oil States International designs and supplies specialized equipment and consumables used across the life cycle of oil and gas wells, from downhole perforation tools to large offshore systems for floating production, subsea pipelines, and drilling rigs, while also serving industrial and military customers.

Operations: Oil States International generates most of its revenue from Offshore Manufactured Products at about US$429.9 million, with additional contributions from Downhole Technologies at about US$123.0 million and Completion and Production Services at about US$101.5 million.

Market Cap: US$503.8 million

Investors watching rising geopolitical tension around Iran and the Strait of Hormuz may find Oil States International interesting because it sits where higher oil prices and oilfield activity can translate into demand for offshore equipment and downhole tools. The company’s focus on longer cycle offshore and international work, plus exposure to energy security and renewables projects, may offer some resilience compared with pure U.S. shale service providers. Q1 2026 earnings were modest at US$1.1 million. At the same time, Oil States is still working through current losses and relies on external funding, so any payoff from its offshore backlog, new technologies, and capital discipline is not guaranteed and may warrant closer evaluation.

Oil States International’s offshore exposure, modest Q1 2026 profit, and reliance on external funding hint that the headline story may not match the underlying picture, so reviewing the Oil States International financial health report could reveal what the market is missing.

Meren Energy (TSX:MER)

Overview: Meren Energy is an oil and gas exploration and production company focused on offshore and onshore projects across Nigeria, Namibia, South Africa, and Equatorial Guinea, targeting both producing fields and higher risk, longer dated developments. The company combines deepwater producing assets in Nigeria with a portfolio of African exploration and development projects managed from its base in Vancouver.

Operations: Meren Energy generates about $600 million in revenue from international oil and gas exploration activities.

Market Cap: CA$1.41b

Meren Energy gives investors direct exposure to oil prices at a time when tensions around Iran and the Strait of Hormuz are raising questions about supply risk and margins for producers. The company is paying a dividend yield of 10.41% despite reporting a Q1 2026 net loss of $42.2 million, and its funding relies fully on external borrowing, so cash flow timing and balance sheet strength matter. Management is guiding to 2026 production of up to 33,000 boepd, and changes in execution on large projects or governance practices could influence how the stock trades relative to its headline yield and valuation signals.

Meren Energy’s double digit 10.41% yield, recent Q1 2026 loss, and full reliance on borrowing suggest that investors may be seeing only part of the picture. Start with the Meren Energy financial health report

Aegis Logistics (NSEI:AEGISLOG)

Overview: Aegis Logistics is an India based oil, gas, and chemical logistics company that owns and operates shore based tank farms, gas terminals, and related infrastructure to store, handle, and move bulk liquids and gases for industrial customers, as well as supplying LPG, propane, butane, and related appliances to homes, hotels, and businesses.

Operations: Aegis Logistics generates about ₹76.9b in revenue from its Gas Terminal Division and ₹6.4b from its Liquid Terminal Division, all from India.

Market Cap: ₹443.7b

Aegis Logistics sits at the heart of India’s fuel supply chain, so any disruption around the Strait of Hormuz that shifts LPG and liquid fuel sourcing can feed directly into volumes through its gas and liquid terminals. Management has highlighted that energy price swings and uncertainty can lift rupee margins, and the business is already showing earnings momentum, with FY2026 net income of ₹8,981.5m and margins near 10.8%. At the same time, a high P/E, heavy capex plans funded largely with borrowings, and an uneven dividend record mean investors need to weigh growth against balance sheet and income risk. The key consideration is how current geopolitics intersect with Aegis Logistics’ expansion plans and pricing power over the next few years.

Aegis Logistics’ expanding terminals and nearly 10.8% margin story looks powerful, but the real question is how that growth lines up against its borrowing and capex load in the Aegis Logistics financial health report

The 3 stocks in this article are just a starting point, and the full Energy Sector Stocks (Oil & Gas) screener surfaces 43 more companies with equally compelling narratives tied to energy security, asset quality, and balance sheet strength. Use Simply Wall St to identify, filter, and analyze the specific catalysts and risk factors that matter to you so you can focus on the highest conviction ideas in this part of the market.

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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.