-- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index adding 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) rising 1.5%.
The Philadelphia Oil Service Sector Index was shedding 0.1%, and the Dow Jones US Utilities Index was increasing 0.1%.
In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.
This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.
Front-month West Texas Intermediate crude oil jumped 3.9% to $100.09 a barrel, and the global benchmark Brent crude contract rose 2.5% to $110.97 a barrel. Henry Hub natural gas futures decreased 0.6% to $2.54 per 1 million BTU.
In corporate news, Chevron (CVX) is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg reported. Chevron shares climbed 1.9%.
BP (BP) shares gained 1%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.
Petrobras (PBR) shares rose 1.1%. The company said Monday it has agreed to acquire 100% of a portion of the Argonauta Field in the Campos Basin, which is currently owned by Shell (SHEL), ONGC, and Brava, for 700 million Brazilian reais ($140.1 million) and $150 million in cash. Shell shares were up 0.9%.