-- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.
The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.2%.
Crude prices rose Wednesday as Iran said it seized two container ships in the Strait of Hormuz, indicating heightened tensions even as President Donald Trump extended a ceasefire with Tehran. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz, a key oil chokepoint. Trump extended a two-week ceasefire deal with Tehran late Tuesday, though he said the naval blockade of Iranian ports would continue.
Front-month West Texas Intermediate crude oil was rising 3.9% to $93.12 a barrel, and the global benchmark Brent crude contract was advancing 3.5% to $101.88 a barrel. Henry Hub natural gas futures rose 1.1% to $2.73 per 1 million BTU.
In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2.2 million barrels in the week ended April 17 following a decrease of 5.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.9 million barrels after a 900,000-barrel decline in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg.
In corporate news, GE Vernova (GEV) shares jumped past 12% after it reported Wednesday a year-over-year jump in Q1 earnings and revenue, and raised its annual revenue forecast.
Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg reported. Exxon shares added 0.4%.
The US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court. Enbridge shares were down 0.3%.