Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.4%. The Philadelphia Oil Service Sector Index dropped 1.4%, and the Dow Jones US Utilities Index decreased 0.4%. Crude oil prices fell in the aftermath of Washington degrading Iran's capability to attack commercial ships transiting the Strait of Hormuz. US Central Command overnight hit 90 Iranian military targets, according to its social media post on X, after striking 80 on the previous night following Iran's attacks on three commercial ships transiting the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows. Front-month West Texas Intermediate crude oil fell 2.5% to $71.72 a barrel, and the global benchmark Brent crude contract dropped 2.6% to $75.97 a barrel. US natural gas stocks rose by 61 billion cubic feet in the week ended July 3, larger than the 58 billion cubic foot increase expected in a survey compiled and following an increase of 87 billion cubic feet in the previous week. Henry Hub natural gas futures slumped 6.3% to $3.01 per 1 million BTU. In corporate news,.