Sector Update: Energy Stocks Gain Thursday Afternoon

01:51 PM EST, 11/12/2026 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%. The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index increased 0.3%. In geopolitical news, President Donald Trump said Thursday on Truth Social that the US doesn't need a deal with Iran, so he has asked Vice President JD Vance to focus on domestic corruption and crime. "We've got their money, Hundreds of Billions of Dollars, and We've got their Strait!," Trump said. Iranian President Masoud Pezeshkian said Tehran will not bow to pressure and sanctions, and will depend on its domestic capabilities to overcome its economic problems, Al Jazeera, a Middle Eastern broadcaster, reported. Front-month West Texas Intermediate crude oil rose 1.8% to $88.04 a barrel, and the global benchmark Brent crude contract advanced 2.4% to $94.96 a barrel. Henry Hub natural gas futures climbed 3.8% to $3.34 per 1 million BTU. In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2.0 million barrels in the week ended Nov. 6 following a decrease of 1.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 4.7 million barrels after a 900,000-barrel decrease in the previous week, compared with a 1.5-million-barrel decrease expected in a survey compiled by Bloomberg. In corporate news, Exxon Mobil (XOM) will be able to assess seven areas in Venezuela for potential oil and gas project development, including undeveloped fields, mature areas and an exploration block, under a preliminary agreement with the Venezuelan government and state oil company PDVSA, Reuters reported. Separately, Exxon Mobil has challenged the EU's carbon capture rules in a confidential court submission, the Financial Times reported, citing a memo it viewed. Exxon shares were up 2.2%. Chevron (CVX) shares rose 2% after the company said it will restart its Ralston, Iowa, biodiesel facility following improved market conditions and a commercial agreement with Landus Cooperative. BP (BP) is in talks with Petrobras (PBR) to sell a stake in the Bumerangue oil block off the coast of Brazil, Bloomberg reported. BP shares added 1.1%, and Petrobras rose 1.4%.