Oil Price Volatility Fuels Demand for Nuclear Fuel and Canadian Natural Gas
The Strait of Hormuz has become a major concern for oil prices and energy security. The reduced US protection, higher insurance costs, and rising attack risk have reshaped how energy assets are priced.
Cameco is a nuclear fuel heavyweight exposed to the same themes driving interest in upstream oil and gas, but through uranium rather than crude. The company has a market value of CA$58.7 billion and its Uranium and Fuel Services divisions generate about CA$3.5 billion, while the Westinghouse segment adds CA$3.4 billion.
Cameco stands to benefit from a global wave of new nuclear construction driven by heightened government policy support, net-zero emission mandates, and growing energy security concerns. This is expected to accelerate demand for uranium and nuclear fuel, directly supporting higher long-term revenues.
Uranium Energy Corp is another uranium-focused explorer and producer that benefits when long-term energy security and nuclear power look more attractive against volatile fossil fuel markets. The company has a market value of roughly US$5.5 billion and ties its story to the Strait of Hormuz backdrop, where higher perceived oil risk can push utilities and governments to lean harder into nuclear fuel supply from companies like Uranium Energy.
Tourmaline Oil is a Calgary-based upstream producer that fits the Global Oil & Gas Producers theme through its focus on finding and producing crude and natural gas in the Western Canadian Sedimentary Basin. The company generates about CA$4.8 billion from petroleum and natural gas properties on a CA$24.2 billion market value.