Crude oil prices have been volatile in April amid heightened geopolitical risks. Fears of a spillover conflict in the Middle East have led some market watchers to predict oil prices could soar to $100 per barrel and beyond . Iran launched more than 300 drones and missiles against military targets in Israel on Saturday, marking the first direct attack on the Jewish state from Iranian territory.
. "Any attack on oil production or export facilities in Iran would drive the price of Brent crude oil to $100, and the closure of the Strait of Hormuz would lead to prices in the $120 to $130 range," said Andy Lipow, president of Lipow Oil Associates. Pro screened for stocks in the MSCI World Energy Index that are both highly correlated or inversely correlated with international benchmark Brent crude oil prices over the past week, month, and year. Oil and gas stocks that show a negative correlation with crude oil prices will enable investors to withstand any volatility while remaining invested in the sector.
's Lee Ying Shan and Jenni Reid contributed to this report.