Galp Energia's industrial and midstream unit processed 13% less raw materials year-over-year, hampered by severe weather in Portugal earlier this year. Yet stronger middle distillate cracks for diesel and jet fuel provided support as Middle East conflicts disrupt energy markets. Shares rose 2.45% to 19.68 euros.

The Portuguese company's upstream division delivered a first-quarter earnings beat, with oil volume growth coinciding with higher prices. Upstream EBIT reached 598 million euros, well ahead of the 482 million analysts expected. Galp closed Friday at 19.21 euros.

Meanwhile, Malaysia's energy sector offers a defensive play if Middle East tensions trigger risk-off sentiment, according to RHB Investment Bank. Tenaga Nasional and other power producers have absorbed limited impact from rising energy prices, passing higher fuel costs to consumers through monthly adjustment mechanisms. Unsubsidized gas accounts for about 9% of Malaysia's power generation fuel mix. RHB maintains an overweight rating, with top picks including Tenaga Nasional, YTL Power, Solarvest and Samaiden.