01:25 PM EDT, 03/25/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each adding 1.1%.

The Philadelphia Oil Service Sector index was climbing 1.5% while the Dow Jones US Utilities index was slipping 0.2%.

Front-month West Texas Intermediate crude oil was rising 1.5% to $81.82 a barrel while the global benchmark Brent crude contract was advancing 1.3% to $85.91 a barrel. Henry Hub natural gas futures were 1% lower at $1.79 per 1 million BTU.

In corporate news, Vaalco Energy ( EGY ) shares jumped past 11% after it said Monday that Equatorial Guinea's government has approved the joint operating agreement for the development and production on the offshore Venus-Block P Plan of Development.