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Sector Update: Energy Stocks Gain Late Afternoon

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Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.

The Philadelphia Oil Service Sector Index climbed 1%, and the Dow Jones US Utilities Index gained 1.8%.

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 Iran attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post.

West Texas Intermediate crude oil climbed 3.3% to $87.13 a barrel, and global benchmark Brent advanced 3.7% to $94.38 a barrel. Henry Hub natural gas futures rose 2.9% to $2.95 per 1 million BTU.

In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.0 million barrels in the week ended July 17 following a decrease of 4.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.0 million barrels after a 1.7-million-barrel drop in the previous week, compared with the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.

Separately, NextEra Energy (NEE), Duke Energy (DUK), Equinix (EQIX) and Digital Realty Trust (DLR) are among nearly 200 companies backing US President Donald Trump's pledge to limit consumers' exposure to rising electricity bills driven by AI, The Wall Street Journal reported, citing a White House list of signatories.

In corporate news, EQT (EQT) shares jumped 7.9% a day after the company reported Q2 revenue above market expectations.

Equinor (EQNR) shares climbed 6.2% after the company posted higher Q2 adjusted earnings and revenue.

Eni (E) shares added 1.6% after it said Wednesday it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.

GE Vernova (GEV) is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik. GE Vernova shares were down 8.1%.

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Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The Philadelphia Oil Service Sector Index was climbing 1.4%, and the Dow Jones US Utilities Index was fractionally higher.In geopolitical news, President Donald Trump delivered a dim view of possible talks with Iran to end the war, telling reporters Tuesday that the US has "no interest in meeting" until Iran is ready to convene "in a meaningful way," the Associated Press reported.Separately, a desalination facility and power plants caught fire and suffered serious damage in Kuwait after new Iranian strikes targeted the crucial facilities, along with areas of Bahrain and Jordan, following the 10th consecutive night of US bombing, Al Jazeera reported Tuesday.Meanwhile, the Houthi-run SABA news agency said six ships attempting to pass through the Bab el-Mandeb Strait in the southern Red Sea were forced to reroute on Tuesday after being warned by the rebels, a day after they announced a maritime embargo against Saudi Arabia, according to the Associated Press.Front-month West Texas Intermediate crude oil climbed 2% to $84.91 a barrel, and the global benchmark Brent crude contract rose 2.3% to $91.25 a barrel. Henry Hub natural gas futures increased 0.9% to $2.89 per 1 million BTU.In corporate news, Fluor (FLR) said Tuesday it secured a contract from Gulf Petrochemical Industries to carry out the front-end engineering and design for a new aromatics facility in Bahrain. Fluor shares gained 3.6%.Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported. Shell shares were up 1.1%.Shell, TotalEnergies (TTE) and BP (BP) are in negotiations to supply 15 to 18 cargoes of liquefied natural gas per month to Egypt for at least three years, Reuters reported. TotalEnergies shares climbed 2.9%, and BP added 1.3%Magnolia Oil & Gas (MGY) shares were down 2%. The company said late Monday it priced its underwritten public offering of 46.3 million class A shares at $23.75 per share.

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