Sector Update: Energy

MT Newswires Live03:32

Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.

The Philadelphia Oil Service Sector Index climbed 1%, and the Dow Jones US Utilities Index gained 1.8%.

Crude oil prices rose amid escalating tensions between the US and Iran. The US will destroy an Iranian bridge or power plant, including facilities in and around Tehran, every time Iran attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post.

West Texas Intermediate crude oil climbed 3.3% to $87.13 a barrel, and global benchmark Brent advanced 3.7% to $94.38 a barrel. Henry Hub natural gas futures rose 2.9% to $2.95 per 1 million BTU.

In corporate news, EQT (EQT) shares jumped 7.9% a day after the company reported Q2 revenue above market expectations.

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