Sector Update: Energy Stocks Rise Thursday Afternoon
MT newswire2026/10/08 17:5201:52 PM EDT, 10/08/2026 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 2.8% and the State Street Energy Select Sector SPDR ETF (XLE) up 3%. The Philadelphia Oil Service Sector Index advanced 1.6%, and the Dow Jones US Utilities Index shed 0.7%. In geopolitical news, tankers are facing a higher risk of attacks and intimidation as they try to get critical shipments through the Strait of Hormuz after Iran issued new warnings that it would block routes that it has not authorized, sources told Reuters. Separately, President Donald Trump said Thursday in a Truth Social post that the US won't attack Iran at any time before the US midterm elections on Nov. 3. Trump said the blockade will remain in full effect and that oil is flowing in record numbers through the Strait of Hormuz. Front-month West Texas Intermediate crude oil rose 3.3% to $91.19 a barrel, and the global benchmark Brent crude contract climbed 3.6% to $103.77 a barrel. Henry Hub natural gas futures fell 1.7% to $3.15 per 1 million BTU. In sector news, US natural gas stocks rose by 85 billion cubic feet in the week ended Oct. 2, above the 82 billion cubic foot increase expected in a survey compiled by Bloomberg and following an increase of 64 billion cubic feet in the previous week. In corporate news, Tropical Storm Isaias continues to strengthen ahead of landfall on the northern Gulf Coast by this weekend, CNN reported. The storm rapidly intensified into the Atlantic season's first hurricane on Wednesday night, the news report added. Chevron (CVX) has begun shut-in procedures for production at four Gulf of America facilities and is evacuating workers as Isaias approaches, the company said. Chevron shares were up 3.2%. Devon Energy (DVN) agreed to sell its assets in the Eagle Ford basin to Crescent Energy (CRGY) for $4.2 billion in cash, it said Thursday, moving to divest a relatively mature holding to focus on better-performing assets. Devon shares rose 2.5%, and Crescent fell 4.1%. Equinor (EQNR) s
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