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Sector Update: Energy Stocks Rise Late Afternoon

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Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) up 1.2%.

The Philadelphia Oil Service Sector Index increased 0.4%, and the Dow Jones US Utilities Index was up 0.7%.

In geopolitical news, the US military launched fresh attacks on Iran, striking Islamic Revolutionary Guard Corps targets, the US Central Command said Tuesday in a post on social media platform X. Washington is striking "Iranian targets" near the Strait of Hormuz, US President Donald Trump said Tuesday. "If the failed nation of Iran retaliates for this very justified attack, they will be hit again at a much harder and higher level," Trump said in a social media post. The latest US military actions came a day after Iran reportedly attacked US bases in Jordan and the United Arab Emirates, in retaliation for Washington striking Iranian rocket launchers on Tehran's Larak Island.

Front-month West Texas Intermediate crude oil jumped 5.4% to $90.39 a barrel, and the global benchmark Brent crude contract surged nearly 5% to $94.98 a barrel. Henry Hub natural gas futures rose 0.2% to $2.94 per 1 million BTU.

In corporate news, Shell's (SHEL) Equilon Enterprises has signed an agreement to increase its equity in Tri Star Energy to 100% from 33%, the company said Tuesday. With the acquisition, Shell will become the full owner of an additional 320 fuel and convenience retail sites across the southeastern US. Shell shares rose 2.2%.

Comstock Resources (CRK) shares jumped 11% after the company said it entered into a letter of intent under which the State Oil Co. of the Azerbaijan Republic, or SOCAR, would acquire interests in some of its Haynesville assets for $1.65 billion in cash.

Chevron (CVX) is finalizing a deal for the operating rights to two giant oil fields in Venezuela's Orinoco Belt, Bloomberg reported. Chevron shares rose 2.1%.

ExxonMobil (XOM) is among several major oil companies planning to pursue business in Venezuela, multiple news outlets including Reuters reported late Monday, citing comments made by US President Donald Trump at a press event in the Oval Office. Trump said ExxonMobil and Chevron are among companies preparing to bid for projects in the Venezuelan market, while other firms are also competing, the Reuters report said. ExxonMobil shares were up 2.1%.

Fervo Energy (FRVO) shares surged 28% after the company said Tuesday it has signed a 396-megawatt power purchase agreement with Alphabet's (GOOGL) Google.

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Sector Update: Energy Stocks Gain Monday

Energy stocks rose Monday with the NYSE Energy Sector Index gaining 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.The Philadelphia Oil Service Sector Index advanced 2.1%, and the Dow Jones US Utilities Index fell 1.4%.Oil prices rose as investors weighed renewed Washington-Tehran military escalation. President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan, Fox News reported.West Texas Intermediate crude oil rose 2.8% to $85.77 a barrel, and global benchmark Brent advanced 2.5% to $90.30 a barrel. Henry Hub natural gas futures added 1.3% to $2.93 per 1 million BTU.In sector news, the US government plans to acquire a 35% passive stake in Alejandro Betancourt's North American Blue Energy Partners and secure preferential rights to buy 20% of the company's oil production in Venezuela at cost, the Wall Street Journal reported over the weekend.Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported. The companies received invitations last week that were light on details, and they were not informed who else would be in attendance, the report said.In corporate news, Helix Energy Solutions' (HLX) shareholders approved all proposals required to complete an all-stock combination with Hornbeck Offshore Services. Helix Energy shares rose 1.6%.Oneok (OKE) agreed to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for $4.43 billion. Oneok shares rose 1.3%.SLB (SLB) agreed to buy cooling equipment maker Kelvion from Apollo Global Management (APO) for $4.1 billion, including debt. SLB shares rose 4.9%.PG&E (PCG), Edison International (EIX) and Sempra (SRE) shares slumped after the state of California reportedly amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. PG&E shares tumbled 20%, Edison plunged 23%, and Sempra fell 3.1%.

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Sector Update: Consumer Stocks Softer Late Afternoon

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Sectors

Sector Update: Financial Stocks Fall Late Afternoon

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