Geopolitical tensions have been reshaping energy markets in ways most people aren't paying close attention to. Between the Middle East situation, ongoing sanctions on Russian energy, and broader supply chain disruptions, crude prices have been climbing steadily. This is actually creating some interesting opportunities in the energy fund space that are worth looking at.

I've been noticing that energy funds are getting more attention lately, and for good reason. When global supply constraints tighten like this, companies in the energy sector tend to benefit from higher commodity prices. So if you're thinking about positioning for near-term gains in this environment, an energy fund exposure makes sense.

Let me break down three funds that have been standing out. First up is T. Rowe Price New Era (PRNEX). This one takes a broader approach—it's loaded with natural resource stocks that can capitalize on inflation, but also throws in some growth companies that don't have direct resource exposure. The fund has delivered solid performance with three-year annualized returns around 7.9%. As of a few months back, it held about 109 positions with meaningful exposure to major energy players.

Then there's Invesco SteelPath MLP Select 40 (MLPFX). If you want to dig deeper into the energy value chain, this is the move. It focuses on master limited partnerships and related securities—companies doing the transporting, storing, processing, and refining work that keeps energy flowing. The returns here are more impressive at 20.1% annualized over three years, which shows why this energy fund has attracted serious attention from investors looking for higher yields.

The third one is Fidelity Natural Resources Fund (FNARX). This takes a fundamental analysis approach, looking at companies focused on natural resources and precious metals. The advisors do deep dives into financial health and industry positioning before building positions. Three-year returns sit at 12.4%, and the expense ratio is reasonable at 0.69%.

What's interesting is how these three funds each offer different angles into the energy sector. Whether you're looking for broad exposure or specific segments like MLPs, there's an energy fund option that fits different strategies. Given how volatile geopolitical situations can be, having some energy fund allocation in your portfolio could be a smart hedge for the next few months.