The ticky-tack ceasefire between Iran and the U.S. is officially over, and oil prices are spiking once again in the wake of Strait of Hormuz chaos.

Is Strait open? Closed? Even real at all? Whatever the case, Brent crude prices have once again surged above $85, but the uncertainty over the war’s next steps has actually benefited industries such as non-Gulf producers, shipping tankers, and U.S. refiners.

Today, we’ll look at five undervalued energy (or energy-adjacent) stocks trading at a discount that investors should have on their radar. Each company has a minimum market cap of $2 billion and a Benzinga Edge Value Score above 90.

Petrobras Brasil S.A.

Benzinga Edge Value Score: 98.55

Petrobras (NYSE:PBR) is one of South America’s largest integrated oil and gas companies, and the national oil company of Brazil. The company focuses on exploration and extraction in offshore Brazilian patches, remains the world’s largest deepwater producer, and has a state-owned structure that demands at least 25% of net income be returned to shareholders through dividends (hence the 9% yield).

Breakevens for Petrobras hover around $50 per barrel, giving them a wide margin over other producers with Brent above $70. Additionally, Petrobras output is still rising while other competitors have supply stranded in the Strait.

The stock trades at just 4 times forward earnings and 1.2 times sales, and recently broke out of a technical drawdown that has investors perking up. The breaking of the downtrend was forecast by a bullish cross on the Moving Average Convergence Divergence (MACD) indicator, and now the Relative Strength Index (RSI) has pushed above 50, entering bullish territory.

BW LPG Ltd.

Benzinga Edge Value Score: 95.34

One industry that has benefited from crude oil spikes doesn’t actually drill or refine any oil. That would be the shippers who own the massive cargo vessels that transport oil barrels around the globe. BW LPG (NYSE:BWLP) is the leading operator of Very Large Gas Carriers (VLGC), and the Hormuz crisis disrupted trade routes in the company’s favor.

The rewired trade routes forced Asian buyers to seek U.S. cargoes to replace lost volumes, and this new route required passage around the Cape of Good Hope or through the Panama Canal. Longer, more uncertain routes allow shippers to jack up the price they charge for charters, which now hover around $60,000 per day for one-year charters and $40,000 per day for multi-year charters.

Analysts had predicted one-year charters around $40,000 before the outbreak of the war, so this "higher for longer" environment is one that companies with large fleets like BW LPG can utilize.

BWLP shares had been fading as tensions eased, but the renewed campaign has reversed the stock’s course. The stock retook the 50-day moving average this week for the first time since early June, and now bullish patterns on the MACD and RSI indicators hint that this rally is about to resume with gusto.

Par Pacific Holdings Inc.

Benzinga Edge Value Score: 93.63

Par Pacific (NYSE:PARR) produces more than 200,000 barrels per day from its web of Pacific Northwest operating facilities, where pricing is often the tightest due to limited supply. Par Pacific benefits from the Hormuz situation due to scarcity in Asia-Pacific product markets, which drives even more demand to the Pacific Northwest when Gulf flows freeze up.

The company has a fortress-like balance sheet and trades at just 8 times earnings and 0.49 times sales, far below those of other U.S. oil giants like Valero and Phillips 66.

PARR shares recently broke out of a two-month slump, hitting new all-time highs in the first week of July. The new uptrend received confirmation from a bullish MACD cross, and the RSI is now even creeping into overbought territory. But there’s likely plenty of room to rally if fighting in the Gulf intensifies and demand once again soars for Pacific Northwest products.

PBF Energy Inc.

Benzinga Edge Value Score: 92.95

PBF Energy (NYSE:PBF) is a refiner highly levered to crack spreads, which is the difference between the price refiners pay for crude oil and the price they sell gasoline, jet fuel, and other finished products. The stock spiked by more than 9% on the day the Trump administration announced the renewed blockade campaign and has once again reached an all-time high.

PBF stock is a great combination of value and momentum; it has a Benzinga Edge Momentum Score of 96.66 and trades at 16 times earnings and just 0.4 times sales, both figures well below industry averages. TD Cowen upgraded the stock from Sell to Neutral in late June, citing the $2 billion in cash flow the company expects in fiscal 2026.

PBF shares have a chart similar to PARR’s, having recently broken the 50-day moving average on the path to new all-time highs. As we see with many of these breakouts, a bullish MACD cross hinted at the move in late June before the analyst upgrade, and now the MACD and signal lines are both well above the histogram in bullish territory.

H.F. Sinclair Corp.

Benzinga Edge Value Score: 90.77

Owner of one of the market’s best tickers (and the namesake of the family in the 90s sitcom Dinosaurs), H.F. Sinclair (NYSE:DINO) is once again rallying on a spike in oil prices. Another oil price spike is like a cherry on the sundae for an already great 2026 for Sinclair, which posted a strong top and bottom-line earnings beat in fiscal Q1 2026.

The company earned $0.69 per share versus a negative EPS projection, and revenue beat estimates by more than 4%. Now that the Iran war is back on, H.F. Sinclair received a bevy of price target upgrades, including a new Street-high $87 target from Raymond James.

Despite an 80% year-to-date (YTD) gain, DINO shares still trade at just 10 times forward earnings, and its mid-continent and Rocky Mountain plants are well insulated from disruption and in supply-strained areas. The stock has enjoyed strong support at the 50-day moving average since the start of the war, and now both the MACD and RSI are showing strong upward momentum as the next phase begins.