Even if an Iran deal calms energy markets, one oil stock can still stand out

While the broader market grapples with geopolitical instability, Shell plc (SHEL) , along with other large integrated oil companies, have benefited from higher oil prices and should warrant investor attention. Despite the dual blockades by both Iran and the US currently roiling the Strait of Hormuz — the most significant energy supply disruption in modern history — Shell's integrated model and massive trading arm are positioned to thrive. Even if ongoing negotiations lead to a de-escalation, the logistical backlog will take quarters to unwind, keeping energy prices structurally supported, to say nothing of the need to replenish strategic petroleum reserves; an important insurance policy as the world has now been painfully reminded. For investors looking to harvest yield from this environment, I'm targeting a moderately bullish income play. The Trade: Short Cash-Secured Put Action: Sell the June 85 Puts Credit Received: Approximately $1.75(~2% of the strike price) Probability of Profit: >70% Standstill Yield: Just over 17% annualized Degree of difficulty: Intermediate The effective closure of the Strait of Hormuz since late February has removed millions of barrels from the daily global supply. While diplomatic efforts are underway, shipping insurance remains at prohibitive levels. This "higher-for-longer" pricing environment for Brent crude directly feeds Shell's Upstream and Integrated Gas margins. …