Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index down 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) falling 0.8%.
The Philadelphia Oil Service Sector Index was dropping 3.3%, and the Dow Jones US Utilities Index rose 0.7%.
In sector news, President Donald Trump threatened to destroy Iran's energy infrastructure if the Strait of Hormuz is not reopened immediately. Trump said in a social media post on Monday the US is in "serious discussions" with a new Iranian regime to end the military conflict. However, if a deal is not reached and the Strait of Hormuz remains shut, the US would blow up Iran's power plants, oil wells and export hub Kharg Island, he said.
Front-month West Texas Intermediate crude oil rose 4.3% to $103.97 a barrel, and the global benchmark Brent crude contract climbed 1.3% to $114.02 a barrel. Henry Hub natural gas futures fell 4.7% to $2.88 per 1 million BTU.
In corporate news, Fermi (FRMI) shares tumbled 14% after it reported a net loss Monday of $1.13 per diluted share from Jan. 10 through Dec. 31, 2025.
Exxon Mobil (XOM) and QatarEnergy's Golden Pass LNG joint venture in Texas has begun producing liquefied natural gas from the first of its three liquefaction trains. Exxon shares rose 0.3%.
Sable Offshore (SOC) said it began oil sales on March 29 through the Santa Ynez Pipeline System, which was filled from Las Flores Canyon to Pentland Station at rates exceeding 50,000 barrels per day. Its shares were down 3%.
TotalEnergies (TTE) shares gained 1.8%. The company said it has completed the merger of NEO NEXT with its UK upstream oil and gas business.
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