Members of the world’s ultra-wealthy are striking bets on a range of sectors seeing valuation swings in the fallout from the war in the Middle East, signaling how rising geopolitical tensions are reshaping private investors’ focus.

Jaime Gilinski, Colombia’s richest man, has repeatedly increased his stake in Latin America independent oil and gas producer GeoPark Ltd. since he and his son made a $107 million investment in March, envisioning the company as a vehicle to enter Venezuela’s recovering oil sector.