01:18 PM EDT, 03/18/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.5% and the Energy Select Sector SPDR Fund (XLE) up 0.6%.

The Philadelphia Oil Service Sector index was posting a 0.2% increase and the Dow Jones US Utilities index was rising 1%.

Iraq will lower its crude exports in the coming months to compensate for production that exceeds its OPEC+ quota since January, media outlets reported Monday.

Front-month West Texas Intermediate crude oil was rising 1.7% to $82.39 a barrel, while global benchmark Brent was advancing 1.5% to $86.58 a barrel. Henry Hub natural-gas futures were 2.5% higher at $1.70 per 1 million BTU.

In corporate news, Tellurian (TELL) shares plunged 29% after the company announced leadership changes and said it's exploring strategic options, including a potential sale.