03:56 PM EST, 01/13/2025 (MT Newswires) -- Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) climbing 2.1%.

The Philadelphia Oil Service Sector index posted a 1.3% increase, while the Dow Jones US Utilities index was down 1.2%.

Front-month West Texas Intermediate crude oil rose 3% to $78.87 a barrel while the global benchmark Brent crude contract advanced 1.6% to $81.02 a barrel. Henry Hub natural gas futures fell 1.6% to $3.92 per 1 million BTU.

In corporate news, Edison International's ( EIX ) southern California utility is facing a lawsuit blaming the company's equipment for igniting a wildfire in Los Angeles, Bloomberg reported. Edison International ( EIX ) shares were falling past 12%.

American Electric Power's ( AEP ) $2.8 billion transmission sale and Texas organic growth potential make its shares attractive, with a 4.5% discount on 2026 EPS, BofA Securities said in a note Monday. BofA upgraded American Electric's stock rating to buy from underperform and also raised the company's price target to $104 from $98. American Electric shares added 1.1%.

Duke Energy ( DUK ) said its board has named Harry Sideris as chief executive officer, effective April 1. Its shares were up 0.3%.

PermRock Royalty Trust ( PRT ) reported Boaz Energy's pending sale to T2S Permian Acquisition II. PermRock Royalty ( PRT ) shares rose 5%.