01:32 PM EDT, 05/17/2024 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the Energy Select Sector SPDR Fund (XLE) up 1%.

The Philadelphia Oil Service Sector index was adding 0.1%, and the Dow Jones US Utilities index was shedding 0.1%.

Front-month West Texas Intermediate crude oil was rising 0.5% to $79.61 a barrel while the global benchmark Brent crude contract was advancing 0.4% to $83.63 a barrel. Henry Hub natural gas futures jumped 3.8% to $2.59 per 1 million BTU.

In corporate news, Iberdrola said Friday it has reached an "agreement in principle" to buy the remaining shares of its US unit Avangrid ( AGR ) that it doesn't own for $35.75 per share, or about $2.55 billion. Avangrid ( AGR ) shares were halted.