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Sector Update: Energy Stocks Gain Tuesday Afternoon

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Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.

The Philadelphia Oil Service Sector Index increased 0.6%, and the Dow Jones US Utilities Index advanced 0.7%.

Crude oil extended gains as investors weighed geopolitical developments in the Middle East. US and Iran are "close to some sort of arrangement" over the Strait of Hormuz, Pakistan's defense minister was cited as saying in a Bloomberg report. Majed al-Ansari, Qatar's Foreign Ministry spokesman, said negotiations between Oman and Iran on the future of shipping in the Strait of Hormuz have reached an advanced stage, Al Jazeera, a Middle Eastern broadcaster, reported. Meanwhile, a Saudi-owned commercial vessel was reportedly struck by a missile while transiting the Bab al-Mandeb Strait in the Red Sea, shipping sources and Yemeni officials told marine intelligence group Marisks, according to CNN.

Front-month West Texas Intermediate crude oil rose 1.1% to $83.06 a barrel, and the global benchmark Brent crude contract gained 1% to $88.57 a barrel. Henry Hub natural gas futures fell 1.4% to $2.76 per 1 million BTU.

In corporate news, Phillips 66 (PSX), Kinder Morgan (KMI), and HF Sinclair (DINO) said they have reached a final investment decision to move forward with a joint venture to build the $5 billion Western Gateway Pipeline system. Phillips 66 shares rose 3.5%, Kinder Morgan added 0.7%, and HF Sinclair gained 2.3%.

Flowco (FLOC) shares gained 3.8% after it posted higher Q2 earnings and revenue.

Baker Hughes (BKR) said it has signed a multiyear contract with Kuwait Oil Co. to support technology innovation in the country's upstream energy sector. Shares added 0.4%.

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