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Sector Update: Energy Stocks Rise Late Afternoon

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Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index adding 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) advancing 1.3%.

The Philadelphia Oil Service Sector Index was up 0.7%, and the Dow Jones US Utilities Index rose 0.5%.

Oil prices fell after reports that Iran has agreed with the US to allow international nuclear inspectors back into the country. US Vice President JD Vance said Monday that Iran agreed to admit inspectors from the International Atomic Energy Agency in the country, according to media reports.

Front-month West Texas Intermediate crude oil fell 2.1% to $74.27 a barrel, and the global benchmark Brent crude contract dropped 2.9% to $78.26 a barrel. Henry Hub natural gas futures advanced 0.5% to $3.25 per 1 million BTU.

In corporate news, ConocoPhillips (COP) shares gained 1.8% after Roth Capital Partners upgraded the stock to buy from neutral and raised its price target to $130 from $124.

Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by Microsoft (MSFT) as part of a 20-year power purchase deal. Chevron shares rose 0.7%.

BP (BP) and Eni's (E) joint venture Azule Energy approved the development of the Greater PAJ offshore oil project in Angola, Reuters reported, citing comments from company and government officials at a signing ceremony. BP and Eni shares added 1.7% and 1.1% respectively.

Petrobras (PBR) shares rose 1.4%. The company said Friday its board approved a final investment decision for a biorefining project with an investment of about $1.2 billion at its Presidente Bernardes refinery in Sao Paulo state.

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