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Sector Update: Energy Stocks Rise Late Afternoon

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Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.

The Philadelphia Oil Service Sector Index increased 0.9%, and the Dow Jones US Utilities Index fell 2.7%.

In sector news, Iran's reported threats to halt the indirect peace talks with Washington sent crude oil prices higher. Iranian negotiators will stop exchanging messages with the US through intermediaries, and Tehran will fully close the Strait of Hormuz in retaliation against ongoing ceasefire violations, CNBC reported, citing Iran's state-affiliated news outlet Tasnim on Monday. The report, in a translated post on the social media site Telegram, homed in on Israel's military operations in Lebanon against the Iran-backed militia Hezbollah, CNBC reported.

Front-month West Texas Intermediate jumped 5.5% to $92.14 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $94.97 a barrel. Henry Hub natural gas futures fell 3.6% to $3.17 per 1 million BTU.

In corporate news, Kazakhstan has restored its oil production to 290,000 metric tons a day following an accident that caused production losses at its largest oilfield, Tengiz, led by Chevron (CVX), Reuters reported, citing the country's Energy Minister Erlan Akkenzhenov. Chevron shares were up 2%.

BP (BP) is selling a 5% stake in the Browse liquefied natural gas project in Western Australia to GS Energy, leaving it with a 39.33% interest in the project, news outlets reported. BP shares added 2.5%.

Equinor (EQNR) recommended that the company's corporate assembly elect Jarle Roth as new chair of the board, the company said. Equinor shares climbed up 3.5%.

Devon Energy (DVN) shares rose 4%. Reuters reported Friday that Devon received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania.

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