European drivers are paying more than ever at the pump, yet the companies that produce and refine their fuel are enjoying one of their best years in recent memory. A renewed fuel crisis across the continent has triggered a powerful rally in oil and gas shares, with the region's top energy firms gaining between 40% and nearly 90% since January.
The surge is not simply about crude oil prices. The real story lies inside refineries. Shortages of diesel, petrol and jet fuel have pushed the gap between the cost of crude and the price of the refined products – known as the crack spread – to unprecedented levels. That has turned a supply crisis for consumers into a profit bonanza for parts of Europe's energy industry.
Why refining has suddenly become so profitable
European diesel prices have risen far faster than crude because the global supply of refined fuel has been disrupted from two directions. The conflict around Iran and the Strait of Hormuz has cut exports of diesel and jet fuel from Gulf refineries. Meanwhile, Russia banned diesel exports this summer after Ukrainian drone attacks on its refineries, tightening a market that Europe heavily depends on.
The European diesel crack spread has almost doubled since November 2025, when it stood at about $46 (€40) per barrel, according to pricing agency OPIS. The European Central Bank has taken notice. Speaking after the ECB raised interest rates on 10 September, President Christine Lagarde noted that six months ago few people knew what refining margins were, but now “we all know what it's about.” Pointing to diesel, she called it “yet another bottleneck.”
The ECB said energy inflation rose to 14.3% in August from 10.3% in July, partly because of higher refining margins on liquid fuels. ECB experts estimate the diesel margin now accounts for about 41 cents of every litre sold, almost a fifth of the pump price. That backdrop explains why European energy stocks have become some of the strongest performers in the market this year.
Europe's top 10 performing oil equities in 2026
We screened European oil and gas companies with market capitalisations of at least €10 billion. Here are the ten biggest gainers in 2026, based on market data through 23 September.
10. TotalEnergies: +40.58%
TotalEnergies has gained 40.6% this year, making it the tenth best performer in the group. The French energy giant earned $6 billion (€5.3bn) in adjusted net income in the second quarter, up from $3.6bn a year earlier. Cash flow from operations reached $9.8bn (€8.6bn), and the company raised its interim dividend by 5.9% to €0.90 per share. Its European refining margin rose to $13.5 per barrel from $4.7. TotalEnergies reports third quarter results on 29 October. Analysts expect revenue of $54.2bn (€47.5bn), up 24% on the year, and adjusted earnings per share of $3.14, up 77%.
9. Eni S.p.A: +44.9%
Eni has risen 44.9% since January, putting it ninth in the ranking. The Italian energy group more than doubled its adjusted net profit to €2.33bn and raised its share buyback to €3.4bn. Its refining volumes outside Italy fell 35% after the closure of Hormuz. Results are due on 23 October, when analysts expect revenue of €27.6bn, up 37% on the year, and earnings per share of €0.79, up 92%.
8. OMV: +48.67%
OMV shares are up 48.7% this year, placing the Austrian group eighth. The company reported a clean operating result, which strips out inventory gains and one-off items, of €1.71bn in the second quarter, driven by a much stronger contribution from oil and gas production. Its European refineries ran at 90% of capacity, up from 83% a year earlier, although temporary regulatory measures, especially in Romania and Austria, limited the gains. OMV reports on 29 October. Analysts expect revenue of €7.7bn, up 23%, and earnings per share of €2.77, up 49%.
7. Galp: +49.28%
Galp has climbed 49.3% in 2026, enough for seventh place. The Portuguese group lifted adjusted net income by 45% to €540m, as its refining margin nearly tripled to $16.8 per barrel. Output rose 12%, helped by its Bacalhau field in Brazil. Results are due on 26 October, with analysts expecting revenue of €6.7bn, up 31%, and earnings per share of €0.69, up 92%.
6. Romgaz: +53.55%
Romgaz has gained 53.6% this year, making it the sixth best performer, despite a much less straightforward earnings picture. The Romanian state company sells natural gas at regulated prices and does not refine fuel. First half revenue fell 8.6% to RON 3.88bn (€735m), while net profit rose 3.4% to RON 1.74bn (€330m). The shares have fallen almost 23% over the past month. Romgaz reports on 13 November.
5. Orlen: +55.59%
Orlen has advanced 55.6% this year, ranking fifth in the group. Poland's state-controlled refiner generated PLN 76.5bn (€17.5bn) in second quarter revenue and a net profit of PLN 7.68bn (€1.75bn), more than five times last year's figure. Record profits from its petrol stations abroad helped. It has brought its results forward to 5 November, when analysts expect revenue of PLN 63.4bn (€14.5bn), up 4%, and earnings per share of PLN 5.52 (€1.26), almost three times last year's level.
4. Vår Energi: +56.18%
Vår Energi has gained 56.2% in 2026, the fourth best performance in the group. Unlike the refinery-heavy names, the Norwegian company's rally is linked directly to oil and gas production. Second quarter output rose 31% from a year earlier to 376,000 barrels of oil equivalent per day. It generated $2.1bn (€1.84bn) of operating cash flow after tax and cut net debt to $3.4bn (€2.98bn). In July, Vår Energi agreed to combine with BlueNord, creating what the companies describe as Europe's largest independent oil and gas producer. Results are due on 21 October. Analysts expect revenue of about NOK 30.6bn (€2.83bn), up 43%, and earnings per share of NOK 1.48 (€0.14), almost three times the level of a year earlier.
3. Equinor: +67.89%
Equinor has risen 67.9% this year, placing the Norwegian giant third. The company's upstream focus has benefited from higher oil prices and robust demand. Equinor's second quarter adjusted operating income came in at $8.4bn (€7.4bn), up from $5.9bn a year earlier, driven by strong gas and oil realisations. The company has also returned more cash to shareholders, increasing its dividend and buyback programme. Equinor is due to report third quarter results on 24 October, with analysts expecting revenue of $27.5bn (€24.1bn), up 18%, and earnings per share of $1.12 (€0.98), up 65%.
The remaining two spots in the top ten are held by Repsol (+62.3%) and BP (+61.4%), both benefiting from the same refining tailwinds. Repsol, Spain's largest energy group, has seen its refining margin in Europe more than double, while BP's global refining operations have also posted strong results.
The rally in oil stocks comes as governments across Europe scramble to respond to the fuel crisis. Czechia has capped fuel margins and trimmed diesel duty, while fuel prices have ignited political tensions in France ahead of the presidential vote. The EU's fuel bill has surged, with diesel costing €270 million a day, according to a recent report. Meanwhile, oil prices have slid as the US and Iran hold first direct talks, but the impact on refining margins remains uncertain.
For investors, the refining boom has been a rare bright spot in an otherwise volatile market. But the sustainability of these gains is questionable. Refining margins are notoriously cyclical, and any easing of geopolitical tensions or a recovery in Russian exports could quickly reverse the trend. For now, however, Europe's oil majors are cashing in on a crisis that shows no sign of abating.
