Energy stocks advanced Monday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.4%.
The Philadelphia Oil Service Sector Index was shedding 0.8%, and the Dow Jones US Utilities Index decreased 0.6%.
Front-month West Texas Intermediate crude oil rose 2.4% to $70.92 a barrel, and the global benchmark Brent crude contract added 1.8% to $73.31 a barrel. Henry Hub natural gas futures fell 2.9% to $3.18 per 1 million BTU.
In sector news, President Donald Trump said the US will meet with Iran in Doha, Qatar, on Tuesday, after US officials said both sides agreed to "stand down for now" and that negotiations remained on track following strikes over the weekend, CNN reported Monday, adding that Iran has not confirmed that talks will take place.
In corporate news, Matador Resources' (MTDR) majority-owned San Mateo Midstream joint venture has agreed to acquire the operating subsidiaries of Cardinal Midstream Partners from EnCap Flatrock Midstream for $752 million in cash. Matador shares rose 0.6%.
Kolibri Global Energy (KGEI) shares jumped 7% after the firm said it expects revenue of $78 million to $84 million for its 2026 base forecast, assuming a $70 oil price for the rest of the year.
Williams Companies (WMB) a natural gas processing infrastructure enterprise, may buy peer pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg reported Sunday. Williams shares were down 3.7%.