Attacks in the Middle East and Russia have tightened global fuel-processing capacity, forcing other refineries to run near full and lift prices. U.S. Gulf Coast refining margins rose to $72/bbl in September, more than double year-to-date, with gasoline, diesel and jet fuel price spikes driving similar margin gains in Europe and Asia. The sector has effectively revived: Marathon Petroleum, Valero Energy and Phillips 66—spun out from parent companies more than a decade ago—are among the S&P 500's

Attacks in the Middle East and Russia have tightened global fuel-processing capacity, forcing other refineries to run near full and lift prices. U.S. Gulf Coast refining margins rose to $72/bbl in September, more than double year-to-date, with gasoline, diesel and jet fuel price spikes driving similar margin gains in Europe and Asia. The sector has effectively revived: Marathon Petroleum, Valero Energy and Phillips 66—spun out from parent companies more than a decade ago—are among the S&P 500's top 20 performers this year, each up over 100% since Jan.