03:50 PM EDT, 10/01/2024 (MT Newswires) -- Energy stocks rose late Tuesday afternoon, with the NYSE Energy Sector Index rising 2.1% and the Energy Select Sector SPDR Fund (XLE) climbing 2%.

The Philadelphia Oil Service Sector index jumped 2.6%, and the Dow Jones US Utilities index was up 0.6%.

Oil prices surged after Iran launched a ballistic missile attack on Israel. West Texas Intermediate crude oil jumped 3% to $70.23 a barre,l while global benchmark Brent gained 3% to $73.88 a barrel.

Henry Hub natural gas futures fell 0.4% to $2.91 per 1 million BTU.

In corporate news, TC Energy ( TRP ) shares rose 1.7% after the completion of the spinoff of the company's liquids pipelines business into South Bow.

APA (APA) said its APA Suriname 58 unit made a final investment decision for offshore oil development in Block 58 Suriname in a joint venture with TotalEnergies' (TTE) Suriname unit. APA jumped 4.8%, and TotalEnergies rose 1.4%.

Delek Logistics Partners ( DKL ) shares rose 0.1%. The company agreed to a 12-year crude oil gathering deal for 50,000 acres in West Texas with an undisclosed oil and gas producer.

Chesapeake Energy ( CHK ) and Southwestern Energy ( SWN ) completed their merger and will rebrand the combined entity as Expand Energy, which will trade on Nasdaq under the ticker EXE.