As the Middle East crisis is back in focus, crude oil has once again crossed a level that could have a major impact on the Canadian energy sector. Currently, Brent crude is trading above US$100 per barrel for the first time since July, backed by escalating U.S.-Iran fighting, threats to regional energy infrastructure, and continued disruption in the Strait of Hormuz.
With roughly one-fifth of global oil flows normally passing through that route, prolonged disruption could keep supply concerns elevated. For Canadian investors, however, the practical question isn’t simply whether crude can keep rising. It’s which companies could make the most of the current environment.
Here are two strong Canadian energy stocks you can consider right now, as I believe they could benefit if crude oil prices remain elevated.
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Canadian Natural Resources stock
For investors seeking to directly benefit from higher crude oil prices, Canadian Natural Resources (TSX: CNQ) could be a compelling choice on the TSX today. This Calgary-based energy producer operates across oil sands, conventional crude oil, and natural gas.
Following a solid 51% rally so far in 2026, CNQ stock currently trades at $70.17 per share with a market cap of roughly $145 billion. At this market price, it also offers a 3.6% annualized dividend yield. And I wouldn’t be surprised if stronger commodity prices and the company’s impressive operating results continue supporting that rally in the coming months.
The Canadian energy producer delivered record production of roughly 1.68 million barrels of oil equivalent per day in the second quarter, up 18% year-over-year (YoY). That production scale could make CNQ stock a great way for energy investors to play soaring crude oil prices.
As a result, Canadian Natural’s adjusted net profit more than tripled from a year ago to $4.6 billion. Strong synthetic crude oil pricing played an important role in that growth, as the company captured an average US$8.37 per barrel premium to West Texas Intermediate (WTI) crude.
Moreover, CNQ has 256,500 barrels per day of contracted crude export capacity reaching Canada’s West Coast and the U.S. Gulf Coast. With that production mix and access to major export markets, CNQ could remain well positioned to benefit if crude prices stay elevated.
Suncor Energy stock
Similarly, Suncor Energy (TSX: SU) could give you another great way to play soaring crude prices. Unlike a pure producer, Suncor combines oil sands production with refining and its Petro-Canada retail network, giving investors exposure across the energy value chain.
At the time of writing, SU stock traded at $93.71 per share with a market cap of about $109.3 billion and offered a 2.6% annualized dividend yield. Just like CNQ, Suncor stock has also jumped 54% year to date and nearly 70% over the last year.
The ongoing trend in Suncor’s operations and financials helps explain that impressive run in its stock. The energy giant’s adjusted operating earnings surged about 336% YoY in the second quarter, mainly due to stronger upstream price realizations and downstream margins.
Interestingly, Suncor’s refining network now has 511,000 barrels per day of nameplate capacity, giving the company a large downstream business alongside its oil sands assets. That integrated model could help the company capture value at different points in the energy chain rather than relying solely on crude production.
With Brent crude oil prices surging back above US$100 per barrel and refined fuel markets also tight, that broad exposure makes Suncor an attractive energy stock to consider right now.
