Ultra-high-net-worth investors and family offices are increasingly interested in mineral rights and other energy assets, fueled by energy pressures from the Iran war and the artificial intelligence boom. However, competition from institutional investors and private equity firms is making it harder to find attractive deals. According to Wood Mackenzie, oil and gas deal spend for the first half of 2026 hit a two-year record, with gas production project spending exceeding $32 billion, the highest in over a decade. Investors are also looking at long-term infrastructure plays like pipelines, though opportunities are limited.