Sector Update: Energy Stocks Rise Thursday

04:08 PM EST, 11/12/2026 (MT Newswires) -- Energy stocks rose Thursday with the NYSE Energy Sector Index gaining 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.6%. The Philadelphia Oil Service Sector Index fell 0.2%, and the Dow Jones US Utilities Index eased 0.1%. In geopolitical news, President Donald Trump said 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. Iranian President Masoud Pezeshkian said Tehran will not bow to pressure and sanctions and will depend on its domestic capabilities to overcome its economic hurdles, Al Jazeera reported. West Texas Intermediate crude oil rose 2.8% to $88.97 a barrel, and global benchmark Brent advanced 3.6% to $96.06 a barrel. Henry Hub natural gas futures climbed 3.9% to $3.34 per 1 million BTU. In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 2 million barrels in the week ended Friday following a drop of 1.3 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 4.7 million after a decline of 900,000 in the previous week, compared with a decrease of 1.5 million 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 challenged the EU's carbon capture rules in a confidential court submission, the Financial Times reported. Exxon shares gained 1.9%. Chevron (CVX) shares rose 1.5% 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 1.2%, and Petrobras rose 1.6%. Oklo (OKLO) signed multiple multiyear contracts with uranium enrichment and nuclear fuel services provider Centrus Energy (LEU) for high-assay low-enriched uranium. Oklo shares fell 5.5%, and Centrus slumped 7.3%.