-- Energy stocks gained Wednesday with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.
The Philadelphia Oil Service Sector Index climbed 1.8%, and the Dow Jones US Utilities Index shed 0.2%.
Crude prices rose 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.
West Texas Intermediate crude oil rose 3.3% to $92.60 a barrel, and global benchmark Brent advanced 3.2% to $101.63 a barrel. Henry Hub natural gas futures gained 0.6% to $2.71 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 Friday following a decrease of 5.1 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.9 million after a drop of 900,000 in the previous week, compared with a decrease of 2 million expected in a survey compiled by Bloomberg.
In corporate news, GE Vernova (GEV) shares jumped 14% after the company reported a jump in Q1 earnings and revenue and raised its annual sales forecast.
Exxon Mobil (XOM) is considering a sale of its Esso-branded gasoline station network in Hong Kong, with the assets valued at $500 million to $600 million, Bloomberg reported. Exxon shares added 0.7%.
Spire (SR) agreed to sell its Mississippi local gas distribution business to Delta Utilities, which is backed by Bernhard Capital Partners, for $75 million. Spire shares fell 0.7%.
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 fell 0.1%.