Sector Update: Energy Stocks Higher Late Afternoon

03:53 PM EDT, 10/28/2026 (MT Newswires) -- Energy stocks advanced late Wednesday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.7%. The Philadelphia Oil Service Sector Index was adding 0.2%, and the Dow Jones US Utilities Index declined 0.8%. In geopolitical news, the US has asked several Gulf Arab countries to be prepared for an intense military campaign after the US midterm elections, The Wall Street Journal reported, citing people briefed on the conversations. Separately, Iran-aligned Houthi militants said Tuesday they launched a missile at Saudi Arabia's biggest oil refinery, although the Kingdom didn't immediately confirm the attack, Reuters reported. Front-month West Texas Intermediate crude oil rose 2.8% to $102.73 a barrel, and the global benchmark Brent crude contract added 1.2% to $115.25 a barrel. Henry Hub natural gas futures gained 4.5% to $2.82 per 1 million BTU. In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2 million barrels in the week ended Oct. 23 following a decrease of 3.4 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.9 million barrels after a 3.1-million-barrel drop in the previous week, compared with expectations for a steady reading in a survey compiled by Bloomberg. In corporate news, Phillips 66 (PSX) shares rose 2% after it reported Q3 adjusted earnings Wednesday of $14.08 per diluted share, up from $2.52 a year earlier. Analysts surveyed by FactSet expected $11.73. GE Vernova (GEV) said it has agreed to buy high-voltage grid equipment manufacturer Trench Group from Triton Partners for about $9 billion to create scale for its Electrification product lines. Shares were down 2%. Exxon Mobil (XOM) and Venezuelan-owned Citgo Petroleum have acquired the first shipload of Venezuelan crude oil to distill in their refineries under a deal between the US and North American Blue Energy Partners, NABEP said. Exxon shares rose 1.5%. Halliburton's (HAL) Optime service completed the first deployment of its remote-operated control system in Brazil in collaboration with Petrobras (PBR). Halliburton shares were up 0.3%, and Petrobras was shedding 0.5%.