War Spending on Iran Fuels Rise in Oil Stocks: Granite Ridge Resources, Surge Energy, Gaztransport & Technigaz

The global energy landscape is shifting due to war spending on Iran exceeding $38 billion, Strait of Hormuz blockage tightening oil markets, and rising funding costs for a heavily indebted US government. This changing risk-reward balance can punish some holdings while lifting others.

Three integrated oil and gas stocks - Granite Ridge Resources (GRNT), Surge Energy (TSX:SGY), and Gaztransport & Technigaz (ENXTPA:GTT) - are expected to benefit from these developments. They give investors direct leverage to higher crude prices, exposure to US shale output, and access to the infrastructure side of higher gas prices.

Granite Ridge Resources is a non-operated oil and gas explorer that earned about $472 million in 2026 from development, exploration, and production activities in the US. The company's proprietary operator partnership model has created a flywheel for repeatable high-return investment, which could drive outperformance in earnings growth and asset value.

Surge Energy is an oil and gas producer with pure upstream exposure in Western Canada, generating about CA$534 million from exploration and production activities. The stock offers 100% upstream revenue, a 4.4% dividend, and a CA$1.2b equity value, but its appeal hinges on how one pressure point in its payout and funding mix plays out.

Gaztransport & Technigaz is a specialist behind LNG transport and storage, giving exposure to the infrastructure side of higher gas prices while still being paid through long contracts and equipment on every tank and vessel. New international emissions regulations are accelerating fleet renewal and retrofitting cycles, supporting multi-year order visibility and underpinning recurring licensing revenue.