03:25 PM EDT, 07/31/2024 (MT Newswires) -- Energy stocks gained late Wednesday afternoon with the NYSE Energy Sector Index adding 1.4% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector index climbed 2.6%, and the Dow Jones US Utilities index was rising 1.2%.

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 2.8 million barrels in the week ended Friday following a decrease of 3.1 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell 3.4 million after a drop of 3.7 million in the previous week, a larger decline than the decrease of 1.1 million expected in a survey compiled by Bloomberg.

West Texas Intermediate crude oil jumped 4.5% to $78.09 a barrel as Middle East tensions escalated, while global benchmark Brent advanced 2.7% to $80.72 a barrel. Henry Hub natural gas futures tumbled 3.8% to $2.05 per 1 million BTU.

In corporate news, Spire (SR) shares were retreating 1% after the company reported fiscal Q3 results and lowered its fiscal 2024 non-GAAP EPS forecast.