BNN: Oil Prices Soar as Hormuz Remains Closed

March 13, 2026

Our Portfolio Manager, Sam LaBell, joined BNN Bloomberg to discuss oil prices and stocks.

Before the conflict in Iran started, the global oil market was heading into a period of oversupply in the second half of 2026. “With Iran offline, effectively you have a balanced market heading into the second half of the year,” Sam said.

“The biggest risk potentially is that all of this high oil price leads to a pullback in the economy globally and that could hurt demand and re-oversupply the market.”

Despite their recent run-up, Sam thinks there are still opportunities in Canadian energy stocks, such as Canadian Natural Resources Ltd. (NYSE, TSX: CNQ). “You’re getting an upward single-digit free cash flow yield on CNQ with additional growth options should the oil price remain high.”

Sam also mentioned gas-weighted producers, such as Tourmaline Oil Corp. (TSX: TOU) and ARC Resources Ltd. (TSX: ARX). “There are some opportunities to buy some very good companies with very low geopolitical risk in Canada.”

(Sam’s appearance starts at 9:00)

 

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