Three Energy Stocks to Watch as Brent Crude Nears $100

Geopolitical tensions around Yemen and new security measures by Saudi Arabia, Turkey, and Pakistan have brought the Bab el Mandeb chokepoint back into focus, pushing Brent crude prices close to $100. This renewed supply risk is creating opportunities for energy stocks tied to crude prices, while others face higher risk premia.

Three companies stand out in this landscape. BW Energy (OB:BWE) is an offshore explorer and producer with revenues fully tied to Brent prices. The company recently secured a 25-year extension for its Dussafu Marin production license offshore Gabon, pushing its expiry from 2028 to 2053. This move could either mask risks or accelerate upside, depending on future cash generation.

Greenfire Resources (NYSE:GFR) is a pure upstream oil sands producer in Alberta, Canada. With all its revenue tied to oil sands production, the company's fortunes are closely linked to crude prices. Investors should watch how benchmark prices interact with the company's balance sheet, which is being reshaped by debt paydown and earlier equity raises.

Prio (BOVESPA:PRIO3) offers direct exposure to higher crude prices through its offshore Brazilian fields. The company's recent installation license for the Wahoo field is expected to boost production in 2026 and 2027, increasing revenues and operating leverage. However, the extent to which this leverage translates to margins will depend on pricing, capex discipline, and field performance.