Now looks like a great time to buy BP (LSE:BP) shares, but there’s one thing that’s holding me back. A number of others FTSE100 stocks are also very tempting, especially insurers Aviva (LSE:AV). I don’t have money to buy both. Investing is about making choices. So what should I do?

The BP share price may fluctuate. As with all commodity stocks, they tend to go up and down in cycles. So when Russia invaded Ukraine and energy prices skyrocketed, its stocks followed suit.

I resisted the urge to pull it up. I prefer to buy stocks before they launch rather than after. However, it’s not always simple. This involves going against the herd, which is a struggle for even the most contrarian investor.

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BP shares are down 4.17% over the past month. Compared to 12 months ago, they are still growing, but only by 7.69%. I don’t think I’m buying at the highest level.

They can fall further, but I have to take that risk. Buying at the bottom of the market involves a huge amount of luck. I’m rarely so lucky.

But with shares trading at 7.1 times earnings, why wait? Today seems to be a real opportunity. Brent crude fell to a three-month low of $81 a barrel, down from more than $120 two years ago. Seems like a decent trigger.

The United States, Brazil and Iran are pumping more oil, increasing supply. Interest rate increases have been delayed, slowing the global economy and hitting demand. Tensions in the Red Sea increased transport costs, but the impact was smaller than initially expected. Will these trends reverse? I have no idea. At some point I just have to take the risk.

BP currently yields a solid 4.6%, covered by 3.1 times earnings. It is forecast to reach 4.9% in 2024, with a coverage of 2.7.

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It looks like a good time to buy, but I can say the same about Aviv. Unlike BP, its stock has been on a warm streak lately, up 21.74% over the past year.

Chief executive Amanda Blanc is reaping the benefits of her efforts to build a leaner, meaner and more cash-generating Aviva. Full-year 2023 operating profits rose 9% to £1.47 billion, beating forecasts.

Blanc also launched a share buyback for £300 million and increased its dividend by 8%. Aviva is forecast to hit a record high of 7.2% next year, beating BP. However, dividend cover is much narrower, at just 1.3 times earnings.

Moreover, Aviva’s £300m buyout pales in comparison to BP’s $1.75bn in the first quarter. That’s on top of a $7.91 billion corporate buyout spree in 2023. After a recent good run, Aviva shares are more costly than BP shares, with earnings 12.7 times greater.

The share price could rise when interest rates finally start to fall, which should boost asset management activity. Although BP would also benefit from this.

If money were no object, I would buy both with the intention of keeping them for years and, with any luck, decades. But investing comes with choices, and I just made mine. I already have contact with the insurance sector through Legal and General Groupand I have no energy reserves. I’m planning to buy BP in June. I’ll come back for Aviva later.