Trump’s war is sending these stocks soaring. But should you invest?

April 1, 2026 — 5:01am

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At the start of 2026, most investors had neatly constructed outlooks revolving around moderating inflation, rate cuts and steady equity returns. Few had escalating conflict in the Middle East driving oil prices higher on their market bingo cards.

That’s the humbling reality of investing. Even the most sophisticated central bankers and seasoned fund managers cannot predict black swan events. Wars, supply disruptions and inflation spikes tend to arrive uninvited, and markets quickly reprice.

Which brings us to a pertinent question: which Australian stocks benefit from the war and rising inflation risk? In the current environment, the answer may seem relatively intuitive.

Energy and commodity companies tend to be the first-order winners. Companies like Woodside Energy, Santos, Viva Energy and Karoon Energy have seen tailwinds from higher oil and gas prices.

Diversified miners such as BHP and Rio Tinto may benefit as commodity price forecasts trend higher, assuming no broader global demand shock, supported by........

© The Sydney Morning Herald