Most economic indicators aren't too well known by the vast majority of Australians. Even those who invest in ASX blue-chip shares. The reality is that GDP, the unemployment rate, the rate of productivity growth, or the price of iron ore just don't infiltrate the daily lives of most Australians. We most certainly cannot say the same for the price of oil, though.
Most of us get a daily reminder of the oil price when we fill up our cars, trucks, bikes, and utes. Or simply by passing by a service station. However, oil flows through to far more than just petrol and diesel prices. It is the single greatest input cost in transporting goods from farm or factory to warehouse, and then to our local supermarket. Given that oil also affects electricity and gas prices, it can be classed as a fundamental driver of cost-of-living pressures across the economy. The current state of the global oil market, with oil above US$100 a barrel, is also the primary driver of the higher inflation we have seen across the global economy in 2026 to date.
That includes here in Australia, where we have seen the consequences through higher interest rates.
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How does US$100 oil affect ASX shares?
So we know that high oil prices are bad news for the Australian public. They are also bad news for most ASX shares. As we've already touched on, oil and its derivatives are major inputs for many forms of economic production. Companies that use petroleum products for manufacturing or transportation either have to bear higher energy prices. Or pass them on to consumers. It's a verifiable no-win situation.
This dynamic hits some companies harder than others, though. Some of the biggest losers from higher oil prices include Qantas Airways Ltd (ASX: QAN), Woolworths Group Ltd (ASX: WOW), and even Transurban Group (ASX: TCL). After all, higher oil may mean fewer people driving.
There are a few companies, outside oil stocks themselves, of course, that aren't hurt by higher oil prices. But there are some that will be impacted less than most. Let's talk about two potential candidates.
ASX blue-chip shares that will ride out high oil
First up, we have one of the ASX's most popular investments, Commonwealth Bank of Australia (ASX: CBA). As a big four bank, CBA is fortunate not to rely on oil as a major input cost. CBA has no goods to manufacture and no products to physically move around the country. Relying on digital services for almost all of its revenue is certainly a boon in this era of high oil prices. As such, I would expect that CBA, along with its peers in the banking space, will be one of the best stocks to ride out this era of elevated energy costs.
Of course, CBA is not completely immune. It still has energy bills to pay, and it arguably suffers indirectly from a cost-of-living squeeze. When there's less money sloshing around the economy, fewer people will be taking out loans. Even that isn't completely negative for this bank, though. High interest rates do encourage Australians to leave more money in their CBA savings accounts.
A telco?
Next, let's talk Telstra Group Ltd (ASX: TLS).
Telstra is another blue-chip ASX share that isn't at the front of the firing line when it comes to high energy prices. Like CBA, Telstra's business model mostly rests on providing digital services, not manufacturing or transporting physical goods. Its mobile infrastructure is already in place and only requires periodic maintenance. Its fixed-line business is largely underpinned by the NBN, with Telstra only retailing the final product in most cases.
This all adds up to an oil-resistant earnings base. Like CBA, Telstra isn't completely insulated from oil, though. It still has technicians who need to drive around to maintain Telstra's network infrastructure, for example. But if you're looking for a stock that will hold up better than most in the face of US$100 oil, I think this is a great option.
