Strait of Hormuz: Which stocks and ETFs benefit from the oil bottleneck

The Strait of Hormuz, that 55-kilometer narrow passage between the Persian Gulf and the Gulf of Oman, has become a hotspot in global energy supply. Since the end of February 2026, escalating Iran conflict has effectively blocked this critical route, through which normally around one-fifth of all global oil shipments flow. Saudi Arabia, the world's largest oil exporter, has since halved its crude oil deliveries, as Bloomberg reported.

For investors in the DACH region, the question arises: what investment opportunities emerge from this geopolitical crisis? And which stocks and ETFs benefit from rising energy prices and structural shifts in global oil trade?

Key takeaways: Essential facts on the Hormuz blockade

• Saudi Arabia has halved its oil deliveries since the Strait of Hormuz blockade at the end of February 2026 (Bloomberg)
• Several major ship insurers stopped war risk coverage for the Persian Gulf, leaving hundreds of tankers anchored
• War risk insurance premiums for ships in the Persian Gulf reached record highs (S&P Global Energy)
• Despite the effective closure of the Strait of Hormuz, Brent oil price has reacted relatively modestly so far (Jörg Krämer, Commerzbank)
• The US ordered naval escorts for oil tankers and offers risk insurance for maritime transport in the Gulf through the Development Finance Corporation

The insurance crisis as a market accelerator

The crucial factor in the current crisis lies not solely in the military threat, but in the collapse of the insurance market. Several major ship insurers stopped their war risk coverage for the Persian Gulf – a decision with immediate consequences: without insurance protection, no tanker sails. Within days, hundreds of vessels were anchored.

War risk insurance premiums for ships in the Persian Gulf reached record highs according to S&P Global Energy. Most tankers now avoid the Strait of Hormuz and seek safer shipping routes, which drives freight and fuel costs substantially higher. In response, President Trump directed the United States Development Finance Corporation to provide political risk insurance and guarantees for the financial security of all maritime transport through the Gulf. Simultaneously, he ordered naval escorts for oil tankers.

Which stocks benefit from the Hormuz blockade?

Oil producers outside the Persian Gulf

Companies that produce oil outside the crisis region gain strategic importance. US shale oil producers, Canadian oil sands companies and Norwegian offshore operators benefit from higher prices while maintaining uninterrupted transport routes. Potential beneficiaries include major integrated oil companies such as ExxonMobil, Chevron or European Shell, which have diversified production locations.

Particularly interesting: European oil producers with North Sea activities could benefit from geographic proximity to the European consumer market, while transportation costs from other regions rise.

Shipping companies and maritime enterprises

The rerouting of oil shipments via longer routes – for example around Africa instead of through the Suez Canal and Red Sea – dramatically increases demand for tanker capacity. At the same time, charter rates for oil tankers are rising, as fewer ships are available and longer travel times reduce turnover speed.

Shipping companies with modern tanker fleets offering flexible deployment options are likely to benefit from this development. It should be noted, however, that companies with high exposure in the Persian Gulf themselves come under pressure, while those focusing on Atlantic or Pacific routes gain advantages.

Insurance companies with specialized maritime expertise

Exploding demand for war risk insurance coupled with drastically increased premiums provides specialized maritime insurers with exceptional margins. However, these companies also carry considerable risks if claims occur. The US initiative to offer state-backed insurance could also put private providers under competitive pressure.

Large European insurers with marine divisions such as Allianz or Munich Re could benefit or be burdened by claims costs depending on positioning.

Alternative energy providers and infrastructure

The energy crisis at the Persian Gulf underscores the vulnerability of fossil fuel supply chains. According to Euronews, the EU Commission is calling on member states to reduce fossil fuel consumption – a political boost for renewable energy. Companies in wind, solar and hydroelectric power as well as grid operators focusing on energy storage could benefit from accelerated investments in the medium term.

Relevant ETFs for investors in the DACH region

Energy sector ETFs

Broadly diversified energy ETFs track indices comprising major oil producers, refineries and energy service providers. An example is the iShares STOXX Europe 600 Oil & Gas UCITS ETF, which bundles European energy stocks and is tradable in Switzerland, Germany and Austria.

For global exposure, US-dominated energy ETFs are available, though they carry currency risks against the US dollar – an aspect that investors in the eurozone and Switzerland should consider.

Shipping and transport ETFs

Specialized ETFs on maritime logistics and shipping are less common in the DACH region but can be accessed via international exchanges. These products track shipping companies, port operators and maritime service providers.

Commodity ETCs on oil

Exchange Traded Commodities (ETCs) allow investors to participate in oil price movements without holding physical inventory. Products on Brent crude oil or WTI crude oil are widely available. Note that such products often use futures contracts and are affected by roll losses (contango) or roll gains (backwardation) – a technical aspect that can cause performance to deviate from the spot price alone.

Risks and assessment for investors

Despite dramatic developments at the Persian Gulf, Brent oil price has reacted relatively moderately so far, as Jörg Krämer, chief economist at Commerzbank, told Tagesschau on March 1, 2026. This restraint suggests that markets either expect early de-escalation or that significant risk premiums are already priced in.

Investors should consider several factors:

• Volatility: Geopolitical crises lead to significant price swings. Investments in energy stocks and commodity ETCs can experience double-digit percentage changes within days.
• Diplomatic solutions: De-escalation of the Iran conflict or reopening of the Strait of Hormuz would trigger rapid price corrections and wipe out short-term speculation gains.
• Economic aftermath: Persistently high energy prices burden industry and consumers, leading to recession risks. In such a scenario, energy stocks would suffer from declining demand.
• Regulatory intervention: Government measures such as price controls, strategic reserve releases or subsidies can override market mechanisms.

Targeted Iranian attacks on refineries in Gulf states are heightening concerns about oil supply, according to Deutsche Welle. The market faces the risk of a new price shock if production in Saudi Arabia, the United Arab Emirates or Kuwait is disrupted.

Historical comparisons: What earlier crises taught us

The Strait of Hormuz has been the site of tensions on multiple occasions in the past. During the Tanker War in the 1980s between Iran and Iraq, as well as with repeated threats from Tehran to block the strait, oil markets each time reacted with price increases.

History shows: short-term price spikes often turn out more dramatic than long-term average effects. Investors who entered at the height of the crisis often experienced losses after de-escalation. Conversely, those who invested counter-cyclically in energy stocks when markets panicked and subsequently normalization occurred benefited.

Conclusion: Seizing opportunities with prudence

The blockade of the Strait of Hormuz since the end of February 2026 presents global energy supply with a historic challenge. For investors, this creates specific investment opportunities in oil producers outside the crisis region, shipping companies with flexible routes, specialized insurers and alternative energy providers.

Energy sector ETFs offer a diversified way to benefit from rising oil prices without carrying individual company risks. Commodity ETCs enable direct access to oil price movements but introduce technical risks through futures structures.

What remains crucial: geopolitical crisis investments are highly speculative. De-escalation of the situation could quickly eliminate priced-in risk premiums. Investors should only deploy capital whose loss they can afford and view positions within the context of a diversified portfolio. The moderate response of Brent oil price despite dramatic developments calls for caution – markets may have already priced in more than current sentiment suggests.