Sector Update: Energy Stocks Gain Late Afternoon
Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 3.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 3%. The Philadelphia Oil Service Sector Index climbed 0.9%, and the Dow Jones US Utilities Index was up 0.9%. Crude oil prices surged after reports that President Donald Trump will reinstate a blockade on Iranian ships transiting the Strait of Hormuz. Trump said the US would charge a 20% toll on eligible cargo, escalating tensions after a weekend of attacks by both nations to assert control of the critical waterway, the Associated Press reported. West Texas Intermediate crude oil jumped 8.8% to $77.70 a barrel, and global benchmark Brent climbed 9.1% to $82.90 a barrel. Henry Hub natural gas futures fell 2.2% to $2.88 per 1 million BTU. In sector news, the White House is organizing a voluntary agreement between utility companies and data center developers to prevent AI electricity demand from inflating consumer bills, In corporate news, Shell (SHEL) said its Shell Overseas Investment unit agreed to sell Solenergi Power to Aditya Birla Renewables for $1.8 billion. Shell shares rose 2.1%. Pembina.
Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 3.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 3%.
The Philadelphia Oil Service Sector Index climbed 0.9%, and the Dow Jones US Utilities Index was up 0.9%.
Crude oil prices surged after reports that President Donald Trump will reinstate a blockade on Iranian ships transiting the Strait of Hormuz.
Trump said the US would charge a 20% toll on eligible cargo, escalating tensions after a weekend of attacks by both nations to assert control of the critical waterway, the Associated Press reported.
West Texas Intermediate crude oil jumped 8.8% to $77.70 a barrel, and global benchmark Brent climbed 9.1% to $82.90 a barrel.
Henry Hub natural gas futures fell 2.2% to $2.88 per 1 million BTU.
In sector news, the White House is organizing a voluntary agreement between utility companies and data center developers to prevent AI electricity demand from inflating consumer bills, In corporate news, Shell (SHEL) said its Shell Overseas Investment unit agreed to sell Solenergi Power to Aditya Birla Renewables for $1.8 billion.
Shell shares rose 2.1%.
Pembina.