New Delhi, March 16 -- Energy markets have seen sharp divergence across subsectors following the escalation of the Middle East conflict, with refining, LNG-linked and certain upstream segments outperforming, while utilities, metals and parts of the clean technology space lagging, according to a recent report by Goldman Sachs.

The report noted that market positioning has increasingly reflected concerns over supply disruptions and geopolitical uncertainty in the region.

Among the biggest beneficiaries of the disruption have been refiners and liquefied natural gas-linked infrastructure, which have gained from tighter fuel markets and higher global gas spreads.

According to the report, refining companies have benefited from higher margins ...