Europe’s fuel crisis is reshaping energy markets and equity performance in 2026. Record diesel and petrol prices, disrupted supplies and unusually high refining margins have helped some of the region’s largest oil and gas companies rise between 40% and 87% since January.
The rally is not being driven by crude oil prices alone. The biggest gains have come from companies exposed to refining, where the difference between the cost of crude and the selling price of petrol, diesel and jet fuel—known as the crack spread—has widened sharply.
Why Europe’s fuel crisis is boosting energy companies
European motorists are facing higher prices at the pump as supplies of refined fuels remain constrained. Disruptions linked to the conflict around Iran and the Strait of Hormuz have reduced exports of diesel and jet fuel from Gulf refineries, while Russia’s decision to restrict diesel exports after attacks on its refineries has tightened global availability.
According to pricing agency OPIS, the European diesel crack spread had almost doubled from about $46 (€40) per barrel in November 2025. That shift has increased refinery profitability even as consumers and businesses pay more for fuel.
The European Central Bank has also highlighted the effect of refining margins on energy inflation. Energy inflation rose to 14.3% in August from 10.3% in July, with higher margins on liquid fuels contributing to the increase. ECB estimates indicated that the diesel margin represented about 41 cents of every litre sold.
The 10 best-performing European oil stocks in 2026
The ranking below covers European oil and gas companies with market capitalisations of at least €10 billion. Performance figures are based on market data through 23 September 2026.
- Repsol: up 87.19%
Spain’s Repsol was the strongest performer. Adjusted net income reached €2.71 billion in the first half of the year, with its industrial division—including refining—generating €1.68 billion compared with €235 million a year earlier. Analysts expect earnings per share to reach €2.06 for 2026, although forecasts point to weaker earnings next year. - Neste: up 76.35%
The Finnish renewable fuels and refining company recorded comparable EBITDA of €1.20 billion in the second quarter, compared with €341 million a year earlier. Its oil-products business benefited from exceptionally wide diesel and jet-fuel margins. - Equinor: up 67.89%
Norway’s state-backed energy group reported second-quarter adjusted operating income of $11.48 billion (€10.07 billion). Higher production and Europe’s focus on energy security have supported the company’s performance. - Vår Energi: up 56.18%
The Norwegian producer increased second-quarter output by 31% year on year to 376,000 barrels of oil equivalent per day. It also generated $2.1 billion in operating cash flow after tax. - Orlen: up 55.59%
Poland’s state-controlled refiner reported second-quarter revenue of PLN 76.5 billion (€17.5 billion) and net profit of PLN 7.68 billion (€1.75 billion), supported partly by strong results from petrol stations abroad. - Romgaz: up 53.55%
Romania’s Romgaz gained despite a more mixed earnings picture. First-half revenue fell 8.6%, while net profit increased 3.4%. The company sells natural gas at regulated prices and does not operate as a refiner. - Galp: up 49.28%
Portugal’s Galp increased adjusted net income by 45% to €540 million. Its refining margin almost tripled to $16.8 per barrel, while production rose 12%. - OMV: up 48.67%
The Austrian group reported a clean operating result of €1.71 billion in the second quarter. Its European refineries operated at 90% of capacity, compared with 83% a year earlier. - Eni: up 44.90%
Italy’s Eni more than doubled adjusted net profit to €2.33 billion and increased its planned share buyback to €3.4 billion. However, refining volumes outside Italy fell after disruption around the Strait of Hormuz. - TotalEnergies: up 40.58%
France’s TotalEnergies recorded adjusted net income of $6 billion (€5.3 billion) in the second quarter. Its European refining margin rose to $13.5 per barrel from $4.7.
Refining, not only crude oil, is driving the rally
The performance of Neste, Repsol, Galp, Orlen and TotalEnergies illustrates why refining has become central to Europe’s energy market. When refineries cannot obtain enough crude or when global production of finished fuels is disrupted, the price of diesel and jet fuel can rise much faster than the price of crude.
That benefits companies with available refining capacity, but it also creates risks. Refinery margins can fall quickly if exports resume, geopolitical tensions ease or demand weakens. Several analysts expect earnings to decline in 2027 for some of the companies in the ranking, suggesting that investors may be treating current profits as unusually strong rather than permanent.
What the fuel crisis means for European consumers
For households and businesses, the investment boom in energy shares does not offset the immediate effect of expensive fuel. Higher diesel prices can raise transport, logistics and heating costs, while more expensive jet fuel can increase pressure on airlines and airfares.
The situation also creates a difficult policy balance for European governments and the ECB:
- Consumers face higher pump prices and transport costs.
- Energy companies with refining exposure are benefiting from wider margins.
- Higher fuel costs can feed into broader inflation.
- Energy security concerns may encourage governments to diversify supply and maintain strategic reserves.
What happens next?
Investors will focus on the companies’ upcoming results to determine whether the exceptional refining margins are continuing. Repsol, Neste, OMV and TotalEnergies are among the groups due to report on 29 October, while Eni is scheduled to publish results on 23 October and Equinor on 28 October.
The key question for Europe’s fuel crisis is whether supply disruptions remain severe enough to support current margins. If refined-fuel shortages persist, energy companies may continue to report strong results. If markets normalise, the sharpest-performing shares could face pressure as profits move closer to normal levels.
For now, Europe’s fuel crisis has created a clear divide: motorists are paying more for essential energy, while companies positioned in oil production and refining are enjoying one of the strongest periods for share-price gains in years.
