Oil price has been on a solid run in the past couple of months with Brent hovering near $80 per barrel, the highest since 2014, and U.S. crude trading above $72 per barrel. The rally has been driven by several factors that point to a rebalancing of the oil market and increase in investors’ optimism.In particular, Iran and Venezuela are playing an important role in driving oil price higher. This is especially true as Donald Trump finally withdrew from the Obama-era 2015 nuclear deal and vowed to re-impose all the powerful economic sanctions against the OPEC nation within the deal as well as bring new ones. Since Iran is OPEC's third-largest oil producer and exports about 2.5 million barrels a day, renewed sanctions would reduce Iranian oil exports, further tightening global supplies and pushing oil prices higher (read: ETFs & Stocks in Focus as Trump Reimposes Sanction on Iran).The potential U.S. sanctions on Venezuela after the second six-year term victory of President Nicolás Maduro would further curtail oil output from the country. Output of the OPEC-member has already been halved since 2005 to below 2 million barrels per day due to an economic crisis. All these are further tightening excess global supplies.The historic output cut deal, wherein OPEC, Russia and other producers have agreed to curb production by 1.8 million barrels per day is already paying off. The group started curtailing output in January last year and is likely to continue through 2018. Further, oil inventories in the world’s richest nations have now fallen 1 million barrels below the five-year average, the level targeted by the OPEC and its partners, as the group restrains crude output for a second year.Coming to demand side, accelerating economic growth across the world has been raising demand for the commodity but the International Energy Agency (IEA) warned that it would likely moderate as crude nears $80 per barrel. The agency cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million barrels per day.The bullish trend is likely to continue at least in the short term. Given this, investors might want to tap the space with the top-performing energy ETFs and stocks of this year. For them, we have highlighted five funds and stocks that are poised to perform well, should oil prices rise.First Trust Nasdaq Oil & Gas ETF FTXNThis fund follows the Nasdaq US Smart Oil & Gas Index, which measures the performance of the most liquid oil and gas securities from the NASDAQ US Benchmark Index screened through volatility, value and growth.Zacks Rank: #3 (Hold)AUM: $11.5 millionExpense Ratio: 0.60%YTD Return: 21.5%PowerShares S&P SmallCap Energy Fund PSCEThis fund offers exposure to the small-cap segment of the energy sector by tracking the S&P Small Cap 600 Capped Energy Index (read: 5 Small-Cap ETFs & Stocks Crushing Russell 2000).Zacks Rank: #3AUM: $78.7 millionExpense Ratio: 0.29%YTD Return: 20.3%SPDR S&P Oil & Gas Exploration & Production ETF XOPThis fund provides exposure to the oil and gas exploration companies by tracking the S&P Oil & Gas Exploration & Production Select Industry Index.Zacks Rank: #3AUM: $3.5 billionExpense Ratio: 0.35%YTD Return: 19.1%iShares U.S. Oil & Gas Exploration & Production ETF IEOThis product offers exposure to U.S. companies that are engaged in the exploration, production, and distribution of oil and gas and follows the Dow Jones U.S. Select Oil Exploration & Production Index (read: Top Performing Energy ETFs of 2018).Zacks Rank: #3AUM: $513 millionExpense Ratio: 0.44%YTD Return: 19.1%PowerShares Dynamic Energy Exploration & Production Portfolio PXEThis product follows the Dynamic Energy Exploration & Production Intellidex Index, which thoroughly evaluates companies based on a variety of investment merit criteria, including price momentum, earnings momentum, quality, management action and value.Zacks Rank: #3AUM: $59.5 millionExpense Ratio: 0.80%YTD Return: 18.4%W&T Offshore Inc. WTIThis is an independent oil and natural gas company focused primarily in the Gulf of Mexico area, including the deep water.Zacks Rank: #3VGM Score: AMarket Cap: $1.21 billionYTD Return: 162.2%Profire Energy Inc. PFIEThe company is engaged in manufacturing, installing and servicing oilfield combustion management systems and related burner products.Zacks Rank: #2 (Buy)VGM Score: BMarket Cap: $223.1 millionYTD Return: 138%You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Seadrill Limited SDRLThis is an international offshore drilling contractor providing drilling and well services.Zacks Rank: #3VGM Score: DMarket Cap: $272.4 millionYTD Return: 133.5%Pioneer Energy Services Corp. PESThis is a provider of land contract drilling services and production services to independent and major oil and gas exploration and production companies (see: all the Energy ETFs here).Zacks Rank: #2VGM Score: BMarket Cap: $482.4 millionYTD Return: 103.3%Denbury Resources Inc. DNRThis oil and gas company is engaged in the exploration, production and development of natural gas properties in the Gulf Coast region located in Mississippi, Texas, Louisiana, and Alabama.Zacks Rank: #3VGM Score: BMarket Cap: $1.97 billionYTD Return: 102.7%Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ISHARS-US O&G (IEO): ETF Research Reports SPDR-SP O&G EXP (XOP): ETF Research Reports PWRSH-SP SC EGY (PSCE): ETF Research Reports PWRSH-DYN ENRG (PXE): ETF Research Reports Profire Energy, Inc. (PFIE): Free Stock Analysis Report Seadrill Limited (SDRL): Free Stock Analysis Report Pioneer Energy Services Corp. (PES): Free Stock Analysis Report Denbury Resources Inc. (DNR): Free Stock Analysis Report W&T Offshore, Inc. (WTI): Free Stock Analysis Report FT-NDQ OIL&GAS (FTXN): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report