The energy sector is heading into the final months of 2026 with oil prices elevated and global supplies under pressure. The ongoing U.S.-Iran conflict, shipping disruptions in the Strait of Hormuz and hurricane-related production outages in the Gulf of America have kept the market on edge. Brent crude has recently traded around $100-$105 per barrel, while West Texas Intermediate (WTI) has stayed near $90-$95. Although talks between Washington and Tehran have raised hopes of easing tensions, uncertainty over when normal oil shipments might resume continues to support prices.

Meanwhile, efforts to ease supply shortages have had limited results. Emergency reserve releases have helped bring additional oil into the market, but global inventories continue to fall. Diesel supplies also remain tight. Goldman Sachs recently raised its December Brent forecast to $90 per barrel, citing supply risks that could take longer to ease than previously expected. These conditions could continue to support earnings and cash flows for energy companies, although high prices may eventually slow demand.

In this environment, investors looking for growth opportunities in energy may want to invest in APA Corporation (APA Quick QuoteAPA - Free Report) , Equinor ASA (EQNR Quick QuoteEQNR - Free Report) and HF Sinclair Corporation (DINO Quick QuoteDINO - Free Report) . Each offers a different way to invest in the sector as companies deal with changing oil supplies and demand.

Tight Oil Supplies Keep Prices Supported

Concerns about excess oil supply have taken a back seat as disruptions in the Middle East continue to affect global trade. The U.S.-Iran conflict has created uncertainty around crude shipments, while attacks on tankers have raised concerns about the safety of shipping routes near the Strait of Hormuz.

Supply problems are not limited to the Middle East. Hurricane Isaias has forced offshore oil platforms in the Gulf of America to shut down production and has threatened operations at two U.S. Gulf Coast refineries. These disruptions have added to existing supply concerns. Even if diplomatic talks between Washington and Tehran make progress, restoring normal production and shipping activity could take time.

Oil inventories are also falling. According to the International Energy Agency, global stockpiles declined by 95 million barrels in August, bringing total withdrawals since February to more than 500 million barrels. The United States has also tapped its Strategic Petroleum Reserve to increase supplies. At the beginning of October, the reserve held around 330 million barrels, its lowest level since 1983.

The shortage extends to refined fuels. U.S. distillate inventories remain near 23-year lows despite a modest increase in supplies. Diesel prices have stayed high even after the U.S. government took steps to make more fuel available. With global supplies still tight, emergency releases and temporary measures have so far done little to ease the pressure.

What Makes Energy Growth Stocks Attractive Now?

Higher oil prices can improve earnings for energy producers, but commodity prices alone do not determine how much a company can grow. Production increases, lower operating costs and better use of existing assets also matter, particularly when prices can change quickly.

For oil and gas producers, growth may come from developing new resources, increasing output from existing fields and improving drilling efficiency. Companies that keep costs under control may be better placed to generate cash even if crude prices retreat from current levels.

Refiners face different conditions. Tight diesel supplies and disruptions at competing facilities can support refining margins, especially when demand for transportation fuels remains firm. However, higher crude costs can also affect profitability. Refiners that manage operating expenses and maintain reliable production may be better positioned to benefit from favorable margins.

There are still reasons for caution. Goldman Sachs expects Brent crude to ease toward $80 per barrel in 2027 as Middle Eastern production recovers and higher prices weigh on consumption. However, continued supply disruptions or further attacks on energy infrastructure could keep prices elevated for longer.

For investors, the question is which companies can increase earnings and cash flow through their own operations, even if oil prices move lower.

3 Energy Growth Stocks Worth Buying Now

Choosing growth stocks in the energy sector can be difficult when earnings are closely tied to commodity prices. A company may report stronger profits during a period of high oil prices without making much progress in its underlying business. Investors therefore need to look at the factors that can support growth over time.

The Zacks Style Score can help narrow the choices by assessing companies using important financial measures. In particular, the Growth Score identifies companies with solid financial fundamentals and the potential to deliver sustained business expansion.

We combine a Zacks Growth Score of A with a Zacks Rank #1 (Strong Buy), which identifies stocks with strong earnings and revenue growth prospects and the potential to outperform the market over the next one to three months. You can see the complete list of today’s Zacks #1 Rank stocks here.

Our selected companies, APA Corporation, Equinor and HF Sinclair, operate in different parts of the energy business. APA focuses on oil and gas exploration and production, while Equinor has a diversified portfolio of international energy assets. HF Sinclair operates in refining and petroleum products, giving it exposure to the tight fuel market.

APA Corporation: APA Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom, alongside exploration interests in Suriname and other regions. Its core Permian and Egypt assets provide a steady cash-generating base, while management expects organic oil growth and continues working toward lower costs and debt.

The company is also building its longer-term growth pipeline through exploration. Suriname’s GranMorgu development is expected to deliver first oil in mid-2028, with production capacity of 220,000 barrels per day. APA is also pursuing opportunities in Alaska and Uruguay, giving it several potential growth avenues beyond its established producing assets.

APA beat the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average being 27.8%. Over the past 60 days, the Zacks Consensus Estimate for the company’s 2026 earnings has gone up more than 12%.

Equinor: Equinor is an energy company with a major oil and gas business on the Norwegian Continental Shelf (NCS). It operates across established production hubs and is developing new fields to maintain output over the coming decade. The Johan Castberg field alone has plateau production of 220,000 barrels of oil equivalent per day, helping support its long-term production base.

Looking ahead, Equinor targets around 1.2 million barrels of oil equivalent in daily NCS equity production by 2035. Its plans include drilling new wells, connecting smaller discoveries to existing facilities and improving recovery from producing fields. The company also aims to simplify projects, lower costs and reduce emissions.

Equinor has a market capitalization of over $100 billion. The Zacks Consensus Estimate for 2026 earnings for the firm indicates 122.3% growth.

HF Sinclair: HF Sinclair is an integrated downstream energy company with businesses spanning oil refining, pipelines, fuel marketing and renewable diesel. Its refineries produce gasoline and diesel, while its transportation and storage network helps move products to customers. The company is also expanding its retail presence through new stores and partnerships.

HF Sinclair plans to separate its Lubricants & Specialties business into an independent publicly traded company in the second half of 2027, subject to approvals. It also intends to retire base oil refining assets in Mississauga, Canada, while retaining blending, packaging and research activities there. These changes aim to simplify operations, improve cash generation and support shareholder returns.

The Zacks Consensus Estimate for 2026 earnings of HF Sinclair indicates 258.7% growth. It beat the Zacks Consensus Estimate for earnings in each of the last four quarters, with the average being 194.9%.