Energy markets remained volatile last week, with sentiment continuing to be strongly shaped by geopolitical developments—particularly around Iran as well as political signals from the United States.
Geopolitics in Focus: Oil Prices and Sector Performance
Oil prices moved inconsistently, as expectations regarding potential supply risks kept shifting.
First came Trump’s escalation, followed by the ceasefire with negotiations in the Iran conflict. Accordingly, energy stocks overall came under moderate pressure and trended weaker over the course of the week.
Portfolio Check: Individual Holdings Between Pressure and Momentum
Due to the portfolio’s focused allocation to the energy sector, this development was reflected directly in performance. The core positions—including Chevron, ConocoPhillips, Occidental Petroleum, Cheniere Energy, Exxon Mobil and Equinor—declined in line with oil prices.
Within the portfolio, however, some differentiation emerged. Halliburton proved stable and remained largely unchanged. Schlumberger (SLB) stood out positively, posting gains of around +4%, supported by continued robust demand in the oil services segment.
The UMBRELLA strategy remained fully allocated to the energy sector, while a cash allocation of around 21% continues to provide flexibility in this volatile environment.
