Europe’s fuel crisis: These 10 oil stocks soared as much as 87% in 2026
Record diesel prices and refining margins have pushed Europe's oil majors up 40% to 87% this year. Here are the ten best performers.
Europe is grappling with a fuel crisis, as motorists face soaring pump prices. However, investors in the oil and gas sector have reaped significant rewards this year. Europe's fuel prices have surged due to disruptions in the supply of diesel, petrol, and jet fuel, leading to record-high crack spreads – the difference between the price of crude oil and the price of refined fuels.
The conflict in Iran and the Strait of Hormuz, along with Russia's ban on diesel exports due to Ukrainian drone attacks, have severely impacted the global supply of refined fuel, primarily in Europe. This has resulted in a significant gap between crude oil prices and the prices of the fuels produced from it. European diesel prices have risen faster than crude oil, with the European diesel crack spread almost doubling since November 2025.
The European Central Bank has recognized this issue, highlighting diesel as a "bottleneck" in the energy market. The ECB noted that energy inflation rose to 14.3% in August from 10.3% in July, largely due to higher refining margins on liquid fuels. European energy stocks have performed exceptionally well this year, with the top 10 performing oil equities gaining between 40% and nearly 90% since January.
TotalEnergies led the group with a 40.58% increase, while Eni S.p.A., OMV, Galp, Romgaz, Orlen, Vår Energi, and Equinor also experienced substantial gains. These companies have benefited from higher refining margins, increased output, and record profits, making the refining sector highly profitable for investors.
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