Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding about 1.2%. The Philadelphia Oil Service Sector Index was gaining 2.4%, and the Dow Jones US Utilities Index was decreasing 0.8%. Crude oil prices jumped after President Donald Trump threatened additional strikes against Iran tonight, saying the ceasefire with Tehran was over. The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported. The US will likely hit Iran again tonight, Trump said Wednesday at a NATO summit in Turkey. Front-month West Texas Intermediate crude oil rose 4.4% to $73.53 a barrel, and the global benchmark Brent crude contract climbed 5.2% to $78.01 a barrel. Henry Hub natural gas futures fell 1.4% to $3.22 per 1 million BTU. US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended July 3 following a decrease of 9.3 million barrels in the previous week..