03:50 PM EDT, 03/17/2025 (MT Newswires) -- Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index adding 1.8% and the Energy Select Sector SPDR Fund (XLE) gaining 1.7%.

The Philadelphia Oil Service Sector index climbed 1.6%, and the Dow Jones US Utilities index was up 0.7%.

West Texas Intermediate crude oil rose 0.6% to $67.59 a barrel, and the global benchmark Brent crude contract advanced 0.7% to $71.09 a barrel. Henry Hub natural gas futures dropped 2.7% to $4.00 per 1 million BTU.

In corporate news, BP (BP), Azerbaijan's national oil company Socar and Israeli firm NewMed Energy were granted licenses to explore for natural gas in 1,700 square kilometers of Mediterranean Sea waters near the Leviathan field, Reuters reported. BP shares added 1%.

Chevron ( CVX ) acquired 15.4 million shares of Hess (HES) from January to March, or almost 5% of its shares. Chevron ( CVX ) shares rose 1.3%, and Hess added 2%.

New Fortress Energy ( NFE ) shares jumped 7.7% after the company amended the extension of its gas supply contract with the Puerto Rico Electric Power Authority to 100 days from one year.

Barnwell Industries ( BRN ) shares rose 0.3%. The company sold its Water Resources International subsidiary in Hawaii for $1.05 million.