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Sector Update: Energy

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Energy stocks advanced Wednesday afternoon with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.

The Philadelphia Oil Service Sector Index climbed 1.3%, and the Dow Jones US Utilities Index gained 1.9%.

Crude oil prices rose amid escalating tensions between the US and Iran. The US will destroy an Iranian bridge or power plant, including facilities in and around Tehran, every time the country attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post. Four more tankers changed course in the Red Sea after Yemen's Iran-aligned Houthis threatened vessels using Saudi Arabian ports, Reuters reported.

West Texas Intermediate crude oil climbed 2.2% to $86.20 a barrel, and global benchmark Brent advanced 2.5% to $93.32 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.

In corporate news, Equinor (EQNR) shares gained 4.9% after the company posted higher Q2 adjusted earnings and revenue.

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