Oil prices on the rise: Top 3 ASX stocks for traders to watch

Rising tensions in the Middle East have once again put the oil market in focus, creating a potential opportunity for traders looking to profit from movements in energy stocks. While previous conflicts between the U.S. and Iran sent oil prices soaring, Wealth Within analysts Filip Tortevski and Pedro Banales believe a more gradual rise could provide investors with a longer window to capitalise on the trend.

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Leading the watchlist is Woodside Energy (ASX:WDS), Australia’s largest oil and gas producer, currently trading around $29.05 per share. Analysts see potential for the stock to retest the key resistance level near $36, representing significant upside if oil continues trending higher.

The second stock is Viva Energy (ASX:VEA), owner of the Geelong refinery and a key player in Australia’s fuel supply chain. Trading around $2.31 per share, Viva is showing encouraging technical strength and could benefit from increasing demand for fuel refining and energy security initiatives.

Finally, Santos (ASX:STO) remains a standout opportunity. Currently trading near $7.62 per share, Santos is approaching a critical $8 resistance level. A breakout above this area could signal further upside, particularly if oil prices continue climbing towards historical geopolitical crisis levels.

With oil showing signs of renewed strength, these three ASX energy stocks could be among the biggest beneficiaries in the months ahead.

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