01:29 PM EDT, 05/28/2024 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector index was posting a 2% increase, while the Dow Jones US Utilities index was lower by 0.3%.

Front-month West Texas Intermediate crude oil was rising 2.7% to $79.81 a barrel while the global benchmark Brent crude contract was advancing 1.3% to $84.18 a barrel. Henry Hub natural gas futures were 1.8% higher at $2.57 per 1 million BTU.

In corporate news, Energy Transfer ( ET ) has agreed to buy WTG Midstream for about $3.25 billion from Stonepeak affiliates, the Davis Estate and Diamondback Energy ( FANG ) . Energy Transfer ( ET ) shares were shedding 0.1% and Diamondback shares were rising 1.9%.