Barclays expects Q1 2026 earnings of energy services firms to face mild impact from the Iran war despite lower revenue and costs.
Barclays sees oil prices staying structurally higher, embedding a geopolitical risk premium and boosting upstream spending, with mid‑single‑digit growth projected.
The bank recommends favoring North American and offshore‑focused energy names, highlighting Halliburton, Weatherford, Tenaris, Patterson‑UTI and TechnipFMC as likely beneficiaries.
Companies with highest earnings risk due to Middle East exposure include Schlumberger, Baker Hughes, Halliburton and Weatherford, according to Barclays.