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Sector Update: Energy

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Energy stocks gained late Monday afternoon with the NYSE Energy Sector Index rising 3.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 3.3%.

The Philadelphia Oil Service Sector Index climbed 1.1%, and the Dow Jones US Utilities Index was up 0.8%.

Crude oil prices surged after reports that President Donald Trump will reinstate a blockade on Iranian ships transiting the Strait of Hormuz. Trump said the US would charge a 20% toll on eligible cargo, escalating tensions after a weekend of attacks by both nations to assert control of the critical waterway, the Associated Press reported.

West Texas Intermediate crude oil jumped 8.8% to $77.70 a barrel, and global benchmark Brent climbed 8.8% to $82.66 a barrel. Henry Hub natural gas futures fell 2.1% to $2.88 per 1 million BTU.

In corporate news, Pembina Pipeline (PBA) shares gained 4.3% after Wells Fargo upgraded the stock to overweight from underweight.

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