Oil Price Surge Fuels Interest in Energy Stocks Vietnam National Petroleum Group Exxaro Resources and World Kinect

Oil prices have been elevated due to tensions in the Middle East and concerns about war in Iran. As a result, oil and gas producers are back in focus as potential beneficiaries of these market conditions.

Three companies that may benefit from this situation are Vietnam National Petroleum Group (HOSE:PLX), Exxaro Resources (JSE:EXX), and World Kinect (WKC).

Vietnam National Petroleum Group is a major fuel importer and distributor, with a market cap of around ₫45,741.3 billion and H1 2026 revenue of ₫234.92 trillion. The company's revenue is sensitive to refined product pricing and regional demand, making it a potential beneficiary of higher oil prices.

However, the company's margins are slim, and it relies heavily on external borrowing. This makes its investment case not without risk. Nevertheless, strong recent earnings and a sizeable P/E gap to the industry suggest that there may be a mispriced story here for investors who can tolerate governance and funding risk.

Exxaro Resources is another company that may benefit from higher oil prices. As a South African mining and energy group, it earns most of its income from coal, but also has a growing energy arm. With a market cap of around ZAR46 billion, the company's portfolio is anchored by long-life coal assets and recent half-year results showed sales of ZAR22,128 million and an interim dividend of 700 cents per share.

World Kinect is a global energy management and fuel distribution company that sources and manages jet fuel, marine fuel, and land fuels for customers. With a market cap of around US$1.8 billion, the company's business model can benefit when higher prices and interest rates put smaller competitors under pressure.