03:11 PM EDT, 06/24/2024 (MT Newswires) -- Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index climbing 2.4% and the Energy Select Sector SPDR Fund (XLE) gaining 2.5%.

The Philadelphia Oil Service Sector index spiked 3.1%, and the Dow Jones US Utilities index added 1.3%.

Front-month West Texas Intermediate crude oil rose 1.1% to $81.65 a barrel while the global benchmark Brent crude contract advanced 0.9% to $86.03 a barrel. Henry Hub natural gas futures popped 3.9% to $2.81 per 1 million BTU.

In corporate news, Chevron ( CVX ) expects to see a $300 million to $400 million hit on its earnings due to an impact on its Q2 production, Reuters reported Monday. Chevron ( CVX ) shares were rising 2.4%.