The Strait of Hormuz has been largely closed since the U.S. and Israel launched strikes on Iran in late February. Peace talks collapsed in Islamabad over the weekend after 21 hours of negotiations.
This morning, the U.S. Navy began enforcing a blockade of Iranian port traffic — and oil crossed back above $100 a barrel before markets even opened. Energy analysts are now warning that elevated prices could persist well into the end of 2026, regardless of how the conflict eventually resolves.
For Canadian investors, all the volatility raises a practical question: Which TSX stocks are actually built for this environment — not just for the elevated oil prices, but for the sustained pressure that follows?
The best oil-linked companies in this kind of market tend to have a few things in common:
- Direct exposure to stronger crude prices
- Infrastructure that benefits from higher drilling and transport activity
- Service businesses that improve when producers loosen their budgets
Of course, having a strong balance sheet and the stability to keep paying a dividend through rocky times can help, too. With Brent holding above $100 and no clear end to the Hormuz disruption in sight, these three Canada-listed stocks stand out.
Source: Getty Images
PrairieSky Royalty
PrairieSky Royalty (TSX: PSK) collects royalties on production across a large portfolio of Canadian lands, which means it benefits when both activity and commodity prices improve — without carrying the same operating risk as a producer. That asset-light model was built for exactly this kind of environment.
In February, PrairieSky raised its annual dividend policy by 2% and reported a 6% increase in annual oil royalty production. For 2025, funds from operations came in at $353 million, or $1.50 per share, while the company returned $243.4 million in dividends and also bought back shares. With a trailing price-to-earnings ratio near 37, this is not a cheap stock. But you’re paying for a business that collects a cut of production without getting its hands dirty, and that’s’ a meaningful advantage when geopolitical risk is repricing every barrel on the planet.
SECURE Waste Infrastructure
SECURE Waste Infrastructure (TSX: SES) is a less obvious investment choice than a producer, and that is precisely why it deserves attention. When oil prices rise and drilling activity firms up, producers generate more waste streams, produced water, and demand for the infrastructure that handles it. SECURE is in that business.
In 2025, it delivered adjusted EBITDA of $501 million, returned $373 million to shareholders through dividends and buybacks, and raised its quarterly dividend by 5% heading into 2026. Management guided for adjusted EBITDA of $520 million to $550 million this year. At a P/E of around 40 the multiple is not cheap, but the business is steadier than the market tends to give it credit for, and busier drilling activity in a $100-plus oil world is a direct tailwind.
Gibson Energy
Gibson Energy (TSX: GEI) stores, handles, processes, and moves liquids, which means stronger energy markets lift volumes and improve utilization across its asset base. The company spent 2025 expanding, including acquiring Chauvin infrastructure assets, while its South Texas Gateway export position recorded record volumes after a dredging project was completed.
For the full year, Gibson reported record infrastructure EBITDA of $717 million and total adjusted EBITDA of $747 million, then raised its dividend by 5%. At a P/E around 24, it is the most reasonably priced stock featured on this list — and it offers a steadier, income-friendly way to play rising oil prices without chasing a producer during a volatile news cycle.
Bottom line
If you are a Canadian investor looking for energy exposure that can still make sense when the headlines cool down, chasing the biggest producer at $100 oil is rarely the right answer. The three companies names above give you royalty exposure through PrairieSky and infrastructure strength through SECURE and Gibson. That kind of mix matters when oil spikes can come from a naval blockade one morning and a ceasefire announcement the next. The businesses worth owning are usually the ones built to handle both.
