Sector Update: Energy Stocks Rise Late Afternoon

03:58 PM EDT, 09/24/2026 (MT Newswires) -- Energy stocks rose late Thursday afternoon with the NYSE Energy Sector Index gaining 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.5%. The Philadelphia Oil Service Sector Index fell 0.6%, and the Dow Jones US Utilities Index shed 0.5%. In geopolitical news, a top Iranian military official said Tehran may broaden the war to the Indian Ocean if attacked again by the US or Israel, Bloomberg reported. Saudi Arabia came under Houthi attack again, the report said. US and Iranian negotiators in New York are exploring a phased deal to end their nearly seven-month conflict, Reuters reported, citing Iranian, regional and Western sources. Under the proposed framework, Iran would reopen the Strait of Hormuz in exchange for Washington lifting its economic blockade, the report said. West Texas Intermediate crude oil rose 3.4% to $95.30 a barrel, and global benchmark Brent climbed 4.2% to $107.41 a barrel. Henry Hub natural gas futures surged 9.1% to $3.30 per 1 million BTU. In sector news, US natural gas stocks rose 53 billion cubic feet in the week ended Friday, more than the increase of 51 billion expected in a survey compiled by Bloomberg and following a gain of 44 billion in the previous week. In corporate news, BP (BP) is considering a potential acquisition of Devon Energy's (DVN) operations in South Texas as part of renewed efforts to expand its US shale assets, Reuters reported. BP shares eased 0.3%, and Devon rose 1.4%. EOG Resources (EOG) said Chief Financial Officer Ann Janssen is retiring, effective Jan. 1, and the board appointed Jeffrey Hibbard, senior vice president for finance, as successor. EOG shares rose 0.7%. SLB (SLB) won four integrated well construction contracts from Aramco to support oil and gas development in Saudi Arabia. SLB shares fell 0.7%. Petrobras (PBR) executive and Braskem board director William Franca said he expects the petrochemical firm to reach a deal with creditors to restructure around $11 billion in debt and avoid a bankruptcy filing, Bloomberg reported. Petrobras shares fell 1.4%.