These days, buying shares, investment trusts, and exchange-traded funds (ETFs) has become far more challenging. Rising geopolitical tension and soaring oil prices are sending shares tumbling as risk aversion sweeps markets. Experts believe the conflict could last weeks, if not months.

So what should investors buy to protect their portfolios in these uncertain times? Here are three ETFs to consider.

Oil

The WisdomTree Brent Crude Oil (LSE:BRNG) is one to seriously think about right now. Tracking the price of futures contracts on the Brent oil benchmark, it’s soared 17% in value over the last week.

Energy prices are rocketing as oil supplies are blocked from travelling through the Strait of Hormuz. The International Energy Agency (IEA) has described it as the “largest supply disruption in the history of the global oil market“, and it could keep driving prices even if the agency releases millions more barrels from its stockpile.

Goldman Sachs thinks Brent could average $110 a barrel in March and April if Middle Eastern supplies are disrupted for a month. The benchmark was last sitting at $99.20.

Be mindful, though, that the ETF could fall if the war causes growth forecasts to be severely downgraded, casting concerns over energy demand.

Defence

The HANetf Future of Defence ETF (LSE:NATP) could also keep climbing if the war drags on. It’s already soared in value in recent years amid rapid NATO rearming following Russia’s invasion of Ukraine in 2022.

This fund invests in 59 different companies, including some of the world’s largest defence contractors including BAE Systems, Lockheed Martin, and Rheinmetall. But what sets this sector ETF apart from others is its inclusion of dozens of cybersecurity providers — the likes of Palo Alto and Crowdstrike make up 34% of the portfolio.

This could give Future of Defence an edge as cyberattacks become increasingly frequent. Poland announced earlier today that it had foiled an Iranian cyberattack in recent days. Be mindful, though, that the software element of the fund could cause it to underperform if worries over AI-related disruption resurface.

Utilities

Another solid ETF to consider as the war continues is the iShares Global Utilities ETF (NYSEMKT:JXI). Utilities companies provide services that people need regardless of whatever economic, geopolitical, or social crises are happening.

This particular fund holds shares in 67 different businesses from across the globe. These comprise gas, electricity, water, and multi-utility suppliers including National Grid, Constellation Energy, and Iberdrola. This mix means the fund’s not dependent upon one country or market to generate earnings.

Furthermore, most of the utilities the fund holds have long histories of paying consistent dividends. If stock markets flatline or fall if the war rolls on, these dividend payments could still help investors enjoy a positive return.

iShares Global Utilities isn’t completely without risk. If oil prices keep surging, interest rates may rise that depress these companies’ asset values. But on balance, I believe it’s a top fund to consider right now.