Financial Wire

Sector Update: Energy

-- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.3%.

The Philadelphia Oil Service Sector Index was climbing 1.4%, and the Dow Jones US Utilities Index was falling 1.2%.

In sector news, oil prices rose Monday as a deadline passed for the start of a US blockade of maritime traffic around Iran's ports. The blockade of maritime traffic entering and exiting Iranian ports was set to start at 10 am ET on Monday, according to a statement issued by the US Central Command, or CENTCOM, on Sunday.

Front-month West Texas Intermediate crude oil was rising 3.2% to $99.72 a barrel, and the global benchmark Brent crude contract was advancing 5% to $99.93 a barrel. Henry Hub natural gas futures shed 0.6% to $2.63 per 1 million BTU.

In corporate news, Chevron (CVX) and Shell (SHEL) are set to sign agreements involving oil and gas areas in Venezuela, Reuters reported. Chevron shares rose 1%, and Shell added 0.5%.

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