Energy stocks have rallied this year as oil prices soared amid the Middle East conflict. The U.S. supermajors ExxonMobil and Chevron have seen their stocks gain about 40% each so far in 2026, but U.S. refiner stocks have outperformed the majors because the global fuel market is much tighter than crude oil markets. The share prices of Phillips 66 (PSX:NYSE), Valero Energy (VLO:NYSE), and Marathon Petroleum (MPC:NYSE) have more than doubled this year, as fuel markets are tightening with more than 7 million barrels per day (bpd) of refined product…

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