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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 3.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 4.5%.

The Philadelphia Oil Service Sector Index was climbing 5.3%, and the Dow Jones US Utilities Index was decreasing 1.1%.

In geopolitical news, President Donald Trump signaled a US emphasis on increasing economic pressure on Iran, saying that Washington is "low-keying" negotiations with the country, CNN reported. Iran said it was nearing a final pact with Oman to define new shipping lanes between them through the Strait of Hormuz, but reiterated that the US must meet other conditions, including compensation and an end to sanctions and military threats, before the waterway is reopened, Reuters reported.

Front-month West Texas Intermediate crude oil rose 5% to $82.06 a barrel, and the global benchmark Brent crude contract advanced 4.8% to $87.54 a barrel. Henry Hub natural gas futures climbed 4.6% to $2.78 per 1 million BTU.

In sector news, Phillips 66 (PSX) is expected to accelerate share repurchases in H2 this year, supported by ongoing balance sheet deleveraging, UBS said in a note. UBS maintained a buy rating on Phillips 66 with a $235 price target. Phillips 66 shares were up 5.5%.

California Resources (CRC) shares were up 3.5% after it reported its Q2 results. The company also said Monday that it agreed to acquire Crimson Midstream from CorEnergy Infrastructure Trust for a total cash consideration of $63 million.

National Energy Services Reunited (NESR) shares jumped more than 23% after it posted higher Q2 adjusted earnings and revenue.

Seadrill (SDRL) shares climbed 7.9% after the company reported that it swung to Q2 earnings as operating revenue increased during the period and Seadrill raised its 2026 sales outlook.

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