Nuclear Stocks in the Spotlight in 2026 Amid Oil Price Spike

With oil prices at sky-high levels in 2026 due to the conflict in the Middle East, nuclear energy is coming back into focus. A reliable and efficient form of low carbon power, nuclear energy offers a viable alternative to fossil fuel power, and it could play a critical role in helping countries strengthen their energy security.

For investors, nuclear energy stocks could represent a differentiated opportunity in the current environment. Not only does this theme offer long-term growth potential amid the global transition towards energy independence but it also offers portfolio diversification* benefits as nuclear stocks tend to exhibit a low correlation to traditional market indexes.

Nuclear Stocks Rallied in 2025

2025 was a strong year for nuclear stocks. Because thanks to policy initiatives and AI-related power deals, nuclear energy stopped being viewed as a risky relic of the past and more as an indispensable foundation of the modern global energy framework.

One major driver for the sector was US President Donald Trump’s four nuclear-related executive orders (EOs). In May 2025, Trump announced that he was looking to re-establish the United States as the “global leader” in nuclear power and he set out a number of objectives designed to achieve this. One such objective was to quadruple US nuclear generating capacity by 2050. Another was to reform the Nuclear Regulatory Commission (NRC) to expedite licensing processes.

A second key driver was continued interest in nuclear energy from Big Tech companies. In March, a number of tech giants including Amazon, Google, and Meta Platforms signed a pledge to at least triple global nuclear capacity by 2050. Then, in June, Meta¹ signed a 20-year agreement to buy nuclear energy from Constellation Energy. Later on in the year, in October, Google² announced a deal with NextEra Energy to revive the Duane Arnold Energy Center in Iowa.

Major Nuclear Developments in 2026

Fast forward to 2026, and we are seeing new developments that look set to support the nuclear industry and could potentially fuel another rally in nuclear stocks. On March 10, the 2026 Nuclear Energy Summit took place in Paris. Speaking at the Summit, European Commission President Ursula von der Leyen³ talked about how Europe is vulnerable to the issues in the Middle East and said that it was a strategic mistake for Europe to turn its back on nuclear power given that it’s a reliable, affordable source of low-emissions power. She also said that Europe wants to be part of the “global revival” of nuclear power.

At the Summit, Von der Leyen announced a new European Strategy for Small Modular Reactors (SMRs). The goal here is to have SMR technology operational in Europe by the early 2030s so that it can play a role alongside traditional nuclear reactors. To achieve this goal, the European Commission has announced a €200 million guarantee to support private investment in innovative nuclear technologies. It will also create regulatory sandboxes so that companies can test new technology.

Additionally, Europe has announced that it will invest €330 million⁴ to accelerate fusion energy and support nuclear technologies and skills. In an announcement on March 19, the European Commission said that it will invest €222 million towards advancing fusion energy from laboratories to the power grid. It will then invest €108 million in nuclear fission to focus on the safe management of radioactive waste, radiation protection, and innovation in nuclear materials.

Shortly after this, on March 20⁵, the US and Japan announced a joint initiative for a $40 billion nuclear power project. This project will be carried out by GE Vernova and Hitachi and see these companies build SMRs in Tennessee and Alabama. The goal is to provide a steady baseload of power to stabilize electricity prices and meet the massive energy demands of AI data centers. The joint investment comes from a $550 billion bilateral fund created as part of a trade agreement that will reduce tariffs on Japanese car exports.

It’s worth noting that Big Tech companies continue to make moves in the nuclear space to handle the massive energy demands of their AI data centers. In January, for example, Meta⁶ announced a 6.6GW portfolio of nuclear projects to address potential energy shortages. So overall, there is a lot going on in the industry at present. Right now, both governments and corporations are turning to nuclear power.

A Low-Cost ETF for Nuclear Stocks

Via the Themes Uranium and Nuclear ETF (URAN), investors can gain exposure to a broad range of stocks in the nuclear energy space. This ETF seeks to track the BITA Global Uranium and Nuclear Select Index**, which focuses on companies that derive their revenues from uranium mining, explorations, refining, processing, and royalties, as well as nuclear energy, equipment, technology, and infrastructure.

With a total expense ratio of just 0.35%, URAN offers investors a low-cost route to participate in the potential long-term growth of the nuclear energy industry. You can find more information on this ETF, including the holdings and performance figures, here.

Footnotes:

*Diversification does not eliminate risk.

**The BITA Global Uranium and Nuclear Select NTR Index aims to track the performance of companies that are publicly listed on recognized, global exchanges, that derive significant revenues from the uranium and nuclear industry.

¹Constellation, Meta Sign 20-Year Deal for Clean, Reliable Nuclear Energy in Illinois, as of June 3, 2025

²NextEra Energy and Google Announce New Collaboration to Accelerate Nuclear Energy Deployment in the U.S., as of October 27, 2025

³European Commission, Speech by President von der Leyen at the Nuclear Energy Summit, as of March 10, 2026

⁴European Commission, EU to invest €330 million to accelerate fusion energy and support nuclear technologies and skills, as of March 19, 2026

⁵Yahoo Finance, US and Japan announce $40bn nuclear energy project, as of March 20, 2026

⁶Meta Announces Nuclear Energy Projects, Unlocking Up to 6.6 GW to Power American Leadership in AI Innovation, as of January 9, 2026