-- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.3%.
The Philadelphia Oil Service Sector Index was decreasing 0.4%, and the Dow Jones US Utilities Index was adding 0.8%.
Crude oil futures slumped after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains in force. Hegseth, speaking at a Tuesday morning press conference, said the Iran ceasefire remains in effect while promising to continue to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.
Front-month West Texas Intermediate crude oil was declining 4.3% to $101.80 a barrel, and the global benchmark Brent crude contract was dropping 3.9% to $110.03 a barrel. Henry Hub natural gas futures fell 2.5% to $2.80 per 1 million BTU.
In corporate news, Marathon Petroleum (MPC) shares gained 1.8% after its Q1 adjusted earnings and revenue rose year on year and beat analysts' estimates.
GE Vernova (GEV) and Blue Energy are planning to develop a 2.5 gigawatt power facility in Texas that will combine nuclear and natural gas, the companies said Tuesday. GE Vernova shares added 2.6%.
Enlight Renewable Energy (ENLT) shares climbed 3.5% after it reported higher-than-expected Q1 earnings and revenue.