03:23 PM EDT, 03/12/2026 (MT Newswires) -- Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 1.6%.

The Philadelphia Oil Service Sector Index was falling 3.1%, and the Dow Jones US Utilities Index was up 1%.

In sector news, Brent crossed $100 a barrel on Thursday as worries grew that oil flow disruptions will continue amid an intensifying conflict in the Middle East. US Energy Secretary Chris Wright told CNBC earlier in the day that America was "not ready" to escort oil tankers through the Strait of Hormuz, the world's most important chokepoint for crude flows. Last week, President Donald Trump said that the US would escort tankers through the strait, which Iran has effectively shut.

Front-month West Texas Intermediate crude oil surged 11.1% to $96.90 a barrel, and the global benchmark Brent crude contract jumped 10.5% to $101.67 a barrel. Henry Hub natural gas futures rose 1.1% to $3.24 per 1 million BTU.

In corporate news, Equinor ( EQNR ) does not have the extra capacity to boost its oil and gas production amid supply shortages from Middle East producers due to the Iran conflict, Reuters reported Thursday, citing the company's CEO Anders Opedal. Equinor ( EQNR ) shares were up 2.9%.