We recently published our article Top 10 Energy Stocks to Watch Right Now. In this article, we take a closer look at Delek US Holdings Inc. (NYSE:DK) and why the company has emerged as one of the energy stocks gaining attention this week as investors rotate back into oil and natural gas companies benefiting from the latest surge in crude prices.
Veteran market observers have long joked that energy stocks have a habit of waking up the entire market when the geopolitical temperature rises. For decades—whether during the Gulf War, the Arab Spring, the Russia-Ukraine conflict, or earlier supply shocks that reshaped the global oil market—energy stocks have proven remarkably sensitive to disruptions in global crude oil supply. That pattern appears to be repeating again in 2026. In this article, we are going to discuss the energy stocks that are gaining this week, as the latest geopolitical flashpoint in the Middle East sends crude oil prices higher and revives investor interest in the energy sector.
The numbers alone tell the story. The S&P Energy Index surged by 3.38% between February 23 and March 2, a notable outperformance compared to the broader S&P 500, which managed gains of only 0.64% during the same period. While those figures may appear modest at first glance, seasoned investors know that even small percentage swings in the energy sector often reflect massive shifts in global expectations about supply, demand, and geopolitical risk. The sudden rally in energy stocks has been closely tied to a sharp move in global crude oil prices, particularly West Texas Intermediate (WTI) crude oil futures, which have surged nearly 16% since February 27. At the time of writing, WTI crude is hovering just under $76 per barrel, a level that has reignited debate across Wall Street about whether oil prices could be entering another multi-month bull cycle.
Market historians frequently point out that the global oil market remains one of the most geopolitically sensitive financial arenas. Roughly one-third of the world’s seaborne oil trade flows through a narrow maritime corridor in the Persian Gulf known as the Strait of Hormuz. At its narrowest point, the waterway is only about 21 miles wide, yet it serves as the lifeline for approximately one-fifth of global oil and liquefied natural gas shipments. That single chokepoint has repeatedly appeared in headlines during periods of geopolitical tension, and it has once again become the center of attention after the latest escalation involving Iran, Israel, and the United States.
Tehran’s retaliation to recent U.S. and Israeli strikes has dramatically intensified supply concerns across the global energy market. Iranian authorities have effectively moved to block traffic through the Strait of Hormuz, a development that immediately rattled traders across energy futures markets. Any disruption to this route carries enormous implications for global energy supply because tankers transporting crude oil from Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, and Qatar must pass through the corridor before reaching international markets. Even the threat of restricted passage through the strait has historically been enough to push crude oil prices higher as traders price in potential supply shortages.
The situation has been further complicated by a series of Iranian drone attacks that have disrupted critical energy infrastructure across the region. Reports indicate that Saudi Arabia’s largest domestic oil refinery has temporarily halted operations following damage linked to the attacks. Liquefied natural gas facilities in Qatar have also been forced to suspend activity, while oil production across Iraqi Kurdistan has slowed dramatically amid security concerns. In Israel, several offshore gas fields have reportedly scaled back operations as precautionary measures. Each of these developments may appear isolated, but together they create a cascading effect across the global energy supply chain—one that traders and investors are monitoring closely.
According to Bloomberg, the stakes are potentially enormous if the disruption in the Strait of Hormuz persists for an extended period. Analysts cited by the publication suggest that a prolonged closure of the strategic waterway could push global oil prices toward $108 per barrel, which would mark the highest levels seen since the immediate aftermath of Russia’s invasion of Ukraine in 2022. For energy investors, such a scenario would likely trigger another powerful rally in energy stocks, particularly among oil producers, exploration companies, and integrated energy giants that stand to benefit from higher crude oil prices.
Why These Energy Stocks Are Gaining This Week
For investors who have followed the energy sector long enough, the current surge in energy stocks fits into a familiar narrative. Energy companies are uniquely leveraged to fluctuations in commodity prices. When crude oil prices rise sharply, revenue for oil producers often climbs even faster because production costs remain relatively stable in the short term. That dynamic means higher oil prices can translate directly into expanding profit margins, stronger cash flow, and potentially higher dividends or share buybacks for shareholders.
Another factor amplifying the rally is the renewed attention from institutional investors and hedge funds that frequently rotate capital into the energy sector during periods of geopolitical uncertainty. Energy stocks have historically served as a hedge against inflation and supply disruptions, which explains why many portfolio managers quickly increase exposure to oil and gas equities when crude oil prices begin climbing. In recent years, the sector has also benefited from improved financial discipline. Many major energy companies have reduced debt, streamlined operations, and prioritized shareholder returns after the painful downturn that followed the 2014 oil crash and the pandemic-era collapse of 2020.
Interestingly, energy markets have long operated on a paradox: while technological innovation and renewable energy development continue to reshape the broader energy landscape, the global economy still depends heavily on oil and natural gas. According to the International Energy Agency, fossil fuels still account for roughly 80% of global energy consumption, a statistic that has remained surprisingly resilient despite the rapid expansion of renewable energy technologies. That dependence means geopolitical shocks involving major oil-producing regions can still send ripple effects through financial markets almost instantly.
Our Methodology
To identify the energy stocks gaining the most attention this week, this analysis used multiple stock screeners and market platforms tracking energy sector performance between February 23 and March 2, 2026. The goal was to determine which energy stocks posted the strongest share price gains during a week marked by rising crude oil prices and heightened geopolitical tensions.
The companies highlighted below are ranked based on their share price surge during this period, offering a snapshot of which oil and gas stocks are benefiting the most from the recent rally in global energy prices. The analysis also considers institutional activity, as research has shown that following the top picks of leading hedge funds can outperform the broader market over time.
Top 10 Energy Stocks Gaining This Week as Oil Prices Surge
3. Delek US Holdings Inc. (NYSE:DK)
Latest 10-Day Percentage Gains: 24%
Delek US Holdings, Inc. (NYSE: DK) ranks third among the energy stocks gaining the most this week after its shares surged 24.33% between February 23 and March 2. The diversified downstream energy company, which specializes in petroleum refining, logistics, asphalt, and renewable fuels, has benefited significantly from improving refining margins across the United States.
The company reported its Q4 2025 financial results on February 25, and the results marked a dramatic turnaround compared to the same period the previous year. Adjusted earnings per share reached $2.31, easily surpassing analyst expectations by $2.50 and highlighting the strength of Delek’s refining operations during a period of rising energy prices.
Delek also posted adjusted net income of $143 million for the quarter, a striking improvement from the nearly $161 million loss reported in Q4 2024. The reversal underscores how sensitive refining companies can be to shifts in market conditions.
The primary driver behind the surge was the company’s refining segment. Adjusted EBITDA for the division reached $314.1 million, compared to a loss of $68.7 million in the same quarter a year earlier. Refining margins expanded significantly due to stronger crack spreads, which represent the difference between crude oil costs and the prices of refined products such as gasoline and diesel.
Crack spreads improved dramatically in 2025, rising approximately 66% compared with prior-year levels. The company also benefited from the continued impact of small refinery exemptions granted earlier in the year, which helped reduce regulatory costs associated with renewable fuel blending requirements.
Investors have responded enthusiastically to the company’s improving fundamentals. Since the beginning of 2026, Delek’s share price has already climbed nearly 39% as market participants increasingly recognize the company’s operational momentum and strong exposure to refining margins.
For those tracking energy stocks in the downstream segment, Delek US Holdings represents a powerful example of how refining companies can deliver strong earnings growth when market conditions align in their favor.
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Disclosure: No material interests to disclose. This article was originally published on Global Market Bulletin.
