Crude oil prices soared above US$100 for the first time in years earlier this month, driven by war in the Middle East and supply disruptions.

In the past, this would likely have boosted the share price of Singaporean blue-chip Keppel Corporation (SGX: BN4), which was a major player in the offshore and marine (O&M) industry.

However, after major restructuring over the past few years, O&M is now a legacy business for Keppel, which is focused on other business segments.

So is Keppel worth buying if one expects the price of oil to stay elevated? What other factors should investors consider?

Going as far back as the mid-2010s, Keppel’s overall results were correlated with oil…