03:19 PM EDT, 04/02/2024 (MT Newswires) -- Energy stocks were gaining late Tuesday afternoon, with the NYSE Energy Sector Index increasing and the Energy Select Sector SPDR Fund (XLE) both rising about 1.2%.

The Philadelphia Oil Service Sector Index was posting a 1.6% increase, while the Dow Jones US Utilities Index was fractionally higher.

Front-month West Texas Intermediate crude oil was rising 1.8% to $85.22 a barrel, while global benchmark Brent was advancing 1.8% to $89.03 a barrel. Henry Hub natural gas futures were 1% higher at $1.86 per 1 million BTU.

In corporate news, VivoPower International ( VVPR ) shares surged 334% after its unit Tembo said it has signed a binding heads of agreement to exclusively negotiate a business combination with blank-check firm Cactus Acquisition (CCTS).