S&P/ASX 200 Index (ASX: XJO) shares are rising strongly, up 1.5% to 8,721.4 points, on new hopes of a US-Iran deal.
While the world waits for further news, the global oil shock continues to cause direct economic ramifications worldwide.
The conflict between the US and Israel against Iran has resulted in the effective closure of the Strait of Hormuz.
That's a key global shipping channel through which about 20% of the world's oil and gas supply is transported.
We are now in the third month of the conflict, which has exacerbated already resurgent inflation in Australia.
Despite today's recovery, ASX 200 shares remain just inside the red for 2026 so far.
Experts say some stocks have strong potential upside ahead, despite the impact of the war.
Here is a selection of them.
Image source: Getty Images
Web Travel Group Ltd (ASX: WEB)
The Web Travel share price is $2.71, up 6.5% today.
This ASX 200 travel share is down 44% in the calendar year to date (YTD).
In a new note this week, Morgans gave Web Travel shares a buy rating with a price target of $3.75.
This suggests 38% capital growth over the next 12 months.
The broker said:
Given the Middle East conflict affected trading in March, WEB's FY26 result came in at the lower end of guidance, albeit better than consensus, proving its resilience.
Unsurprisingly, WEB's FY27 update showed that trading has slowed materially given the conflict. Adverse FX has been another headwind.
Given the uncertainty, WEB did not provide any formal FY27 earnings guidance.
We have made significant downgrades to our forecasts. We assume that the conflict and a subdued consumer environment impacts WEB's 1H27 (seasonally stronger half), followed by a recovery in the 2H27.
After material share price weakness, we upgrade WEB to a BUY rating. The company is worth materially more than the current share price.
We know from past economic and geopolitical events, that after a downturn, travel demand rebounds and so will its earnings and share price.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is $5.04, up 2.3% today.
This ASX 200 consumer staples share has tumbled 30% YTD.
Canaccord Genuity has a buy rating with a $6.88 target.
This implies potential capital growth of 37% over the next year.
Nexgen Energy (Canada) CDI (ASX: NXG)
Nexgen shares are $15.86, up 2.9% today.
The ASX 200 uranium share has lifted 10.9% YTD.
In light of the Iran war, energy security is a hot topic these days.
Nations are highly motivated to develop new domestic energy supplies, and modern nuclear reactors are one way to do it.
This trend bodes well for ASX 200 uranium shares like Nexgen.
UBS has a buy rating on Nexgen shares with a $21 target.
This indicates a potential 32% upside ahead.
Charter Hall Group (ASX: CHC)
The Charter Hall share price is $20.33, up 4.5% today.
This ASX 200 real estate investment trust (REIT) has declined 16.8% YTD.
Morgan Stanley has a buy rating with a price target of $26.89.
This implies a potential 32% upside ahead.
