The energy market has changed quickly in 2026. Earlier in the year, investors were focused on whether crude prices could cool as diplomatic efforts around Iran gained traction. But by midyear, the picture has become far more complicated. Oil prices have remained elevated, with Brent trading above $90 per barrel and at times moving back toward or above the $100 mark as supply risks flare up. The market is now balancing tight inventories, Middle East supply risks, uncertain U.S.-Iran negotiations, China’s changing import behavior and the industry’s cautious approach to new investment.
That combination has created a volatile but potentially attractive setup for select energy growth stocks. Crude prices have moved sharply on headlines tied to the Strait of Hormuz, while U.S. crude, gasoline and distillate inventories have continued to decline. Even when oil prices pull back on hopes of a peace deal, they remain far from weak, with benchmarks still hovering in a range that can support healthy cash flows across much of the energy industry. Investors should know that tight supply conditions can support energy earnings even when sentiment swings from week to week.
Against this backdrop, Marathon Petroleum Corporation MPC, Nabors Industries NBR and Suncor Energy SU stand out as three energy growth stocks to keep on the radar for the remainder of 2026.
Energy Is No Longer a Simple Oversupply Story
The energy sector spent much of the past year dealing with concerns about oversupply, weaker sentiment and uneven commodity prices. But the current setup looks different. The market is now being shaped by supply security, low inventories and the risk that global oil flows may take longer to normalize than investors expect.
Recent inventory data shows that U.S. crude stockpiles have fallen below seasonal norms. Gasoline inventories have also declined, while distillate supplies remain well below their five-year average. This suggests that demand for refined products remains firm at a time when the market has less room for error.
Geopolitics is adding another layer of uncertainty. Reports of progress in U.S.-Iran talks have pressured oil prices at times, as traders price in the possibility of a reopening of the Strait of Hormuz. But fresh military activity and continued doubts about any lasting agreement have kept the risk premium alive. This is why crude has struggled to settle into a lower range, with Brent often staying above $90 and moving near $100 whenever supply concerns intensify.
Even if a temporary deal is reached, tanker traffic, insurance costs and shipping confidence may not return to normal immediately. This means the second half of 2026 could remain volatile. But volatility does not always mean weakness. For well-positioned energy companies, it can also create opportunities.
Why Growth Still Matters in Energy
Growth in energy does not always look like growth in technology or consumer stocks. In this sector, growth can come from expanding production, improving refinery utilization, increasing drilling efficiency, reducing costs or generating stronger cash flows from existing assets.
That matters in today’s market because investors cannot rely on crude prices alone. Oil may rise above $100 on supply concerns one week and retreat toward the low-$90s on diplomatic headlines the next. Companies with their own growth drivers are better positioned to navigate that uncertainty.
For some, the growth story is tied to refining strength and demand for transportation fuels. For others, it is linked to drilling activity and the need for advanced oilfield technology. In the oil sands space, growth is increasingly tied to long-life reserves, integrated operations and disciplined capital allocation.
Here Are the Stocks
Now, selecting the right growth stock among the existing choices can really be a challenging task. Finding the correct growth stock for your portfolio is made easy by our new style score system.
In particular, our Growth Style Score condenses all the essential metrics from a company’s financial statements to get a true sense of the quality and sustainability of its growth. Our research shows that stocks with a Growth Style Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or 2 (Buy), offer the best investment opportunities in the growth investing space.You can see the complete list of today’s Zacks #1 Rank stocks here.
Our shortlisted companies — Marathon Petroleum, Nabors Industries and Suncor Energy — offer different types of exposure to the same broad theme: the world still needs a reliable energy supply, and the current market is showing how difficult that supply can be to maintain.
Marathon Petroleum:Marathon Petroleum is a major U.S. energy company focused on refining, marketing, midstream services and renewable diesel. Its integrated network spans the Gulf Coast, Mid-Continent and West Coast, supported by strong logistics and access to key crude and product markets. The company aims to keep its assets safe and reliable while improving operations and commercial performance.
MPC also benefits from its relationship with MPLX, which supports natural gas and NGL growth and adds steady cash flow. In first-quarter 2026, MPC reported adjusted EBITDA of $2.8 billion and returned $1 billion to its shareholders, reflecting disciplined spending, solid cash generation and a clear focus on long-term value.
Marathon Petroleum beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 49.5%. Over the past 60 days, the Zacks Consensus Estimate for the company’s 2026 earnings has gone up more than 75%. MPC carries a Zacks Rank of 1, with a Growth Score of B.
Nabors Industries:Nabors Industries is a global drilling and drilling-technology company serving oil and gas customers in major energy markets. It operates land and offshore rigs across the United States, Saudi Arabia and Latin America, supported by about 14,000 employees from more than 85 nationalities. The company combines drilling operations, rig technologies and drilling solutions to help customers drill safely, efficiently and consistently.
Its strategy centers on selective international growth, strong Lower 48 execution, technology-led services and debt reduction. Nabors Drilling Solutions uses the rig as a platform for performance software, data integration, automated casing running, managed pressure drilling and wellbore placement across both Nabors and third-party rigs.
Nabors has a market capitalization of $1.4 billion. The Zacks Consensus Estimate for 2026 earnings for the firm indicates 71.2% growth. This Zacks Rank #2 firm has a Growth Score of A.
Suncor Energy:Suncor Energy is an integrated energy company with a strong base in oil sands, refining, logistics and marketing. Its assets are closely connected, from upstream production to refineries, product sales and Petro-Canada retail sites, helping it capture value and manage market swings.
The company highlights long-life reserves, a 25-year oil sands reserve life and large contingent resources. It is also focused on safer operations, higher reliability and disciplined spending. By 2028, Suncor aims to grow production, lower its WTI breakeven and increase free funds flow, while continuing dividends and share buybacks for shareholders. These priorities support steadier performance across different business conditions.
The Zacks Consensus Estimate for 2026 earnings of Suncor indicates 114.2% growth. It beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 6.9%. The #2 Ranked firm has a Growth Score of B.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Nabors Industries Ltd. (NBR): Free Stock Analysis Report
Suncor Energy Inc. (SU): Free Stock Analysis Report
Marathon Petroleum Corporation (MPC): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).