Morningstar

Shell's Refining Margin Surges to Record High After Middle East Conflict Upends Fuel Markets

Provided by Dow Jones Oct 7, 2026, 6:30:00 AM

By Adam Whittaker

Shell's refining margins surged to record highs in the third quarter, driven by volatility stemming from the conflict in the Middle East and a global supply squeeze across fuel markets.

The London-based energy major said Wednesday that its refining margin marker came in at $42 a barrel in the third quarter compared with $24 a barrel in the second quarter. The previous record margin was $28.04 a barrel, shortly after Russia's full-scale invasion of Ukraine in 2022.

Refining margins measure the difference between the cost of crude and the value of the fuels produced from it.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

October 07, 2026 02:30 ET (06:30 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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