5 Biggest ASX Oil and Gas Stocks in 2026

Oil and gas are key energy fuels, and ASX-listed oil and gas stocks could benefit from their price moves.

For the most part, 2026 has proven volatile for both the oil and gas markets. In much of the first half of the year, oil prices experienced eye-popping price spikes spurred on by severe supply shocks as war rages in the Middle East.

For much of the spring, oil prices have traded above US$90 to US$100 per barrel as supply-side challenges concerning the blockade of the Strait of Hormuz have persisted for months. Heading into the second half of the year, global economic uncertainties are weighing down oil prices, and yet prices are still consolidating in the US$85 to US$95 range.

Meanwhile, natural gas prices have also reacted with volatility to the conflict in the Middle East. However, while extreme price spikes were evident in the global markets, particularly in the late winter months, the US natural gas market remained stable and well insulated from the supply concerns elsewhere in the world.

At the start of 2026, natural gas prices came in at US$3.61 per million British thermal units based on increased demand, jumping to a three year high of US$5.04 on January 22. However, prices fell to a low of US$2.59 in mid-April.

Natural gas prices have since rebounded to the US$3.10 to US$3.30 range in early June, driven especially by the prospect of higher temperatures as natural gas is also used in some regions to generate electricity required for powering air conditioners.

The oil and gas outlook for 2026 is for both these commodities to continue facing market volatility as geopolitical and global economic uncertainties persist. And, of course, Donald Trump’s presidency in the US will likely continue to throw the market a few curveballs. Nevertheless, analysts remain confident in the resiliency of this sector.

For investors looking to enter the oil and gas sector, what’s the best way to get exposure on the ASX? Learning about the biggest ASX oil and gas companies by market cap is a good place to start. We explore the companies’ oil and gas operations, financial results and dividends below.

Data for the ASX oil stocks list below was obtained on June 8, 2026, using TradingView’s stock screener. All market cap and share price data was accurate at that time.