Valero Energy Corp. (NYSE:VLO) climbed 2.3% to $391.61 Tuesday, taking its year-to-date gain to 140.6% and putting the refiner on pace for its best year on record, topping roughly 128% in 2005.

The U.S. ultra-low-sulfur diesel crack spread — the gap between what refiners pay for crude and what they sell fuel for — sits near $106 a barrel, up from about $33 in January.

Three shocks compounded: the Hormuz disruption, Russian export bans after drone strikes knocked out roughly a quarter of its refining capacity, and winter restocking into depleted inventories.

Valero and Marathon Petroleum Corp. (NYSE:MPC) more than doubled per-barrel refining margins in Q2, returning over $5 billion to shareholders.

Both refiners are now among the best-performing S&P 500 stocks year to date. The VanEck Oil Refiners ETF (NYSE:CRAK) has rallied 71% year to date.

Image: Envato Elements

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