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.
European motorists are grappling with record pump prices for fuel, while investors in oil and gas companies are reaping significant profits. Since January, share prices in Europe's energy sector have surged between 40% and 87%. The primary driver of this rally is the refined fuel market, with shortages pushing the "crack spread" - the difference between crude oil prices and the price of refined fuels - to record highs. This has transformed a consumer fuel shortage into a profit surge for Europe's energy industry.
The crisis has been exacerbated by geopolitical issues. The Iranian conflict has disrupted Gulf refinery exports of diesel and jet fuel, while Russia's ban on diesel exports, following Ukrainian drone attacks on its refineries, has further tightened a market crucial to Europe. The European Central Bank has taken note, with President Christine Lagarde noting that the importance of refining margins is now widely recognized.
This refining margin is now contributing significantly to the final fuel price, accounting for about 41 cents of every litre sold. European energy stocks have become among the top performers in the market this year, with TotalEnergies, Eni, OMV, Galp, Romgaz, Orlen, Vår Energi and Equinor among the ten best gainers of 2026.
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