03:30 PM EDT, 10/01/2024 (MT Newswires) -- Energy stocks were sharply higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.8% and the Energy Select Sector SPDR Fund (XLE) climbing 2%.

The Philadelphia Oil Service Sector index popped 2.7%, and the Dow Jones US Utilities index was up 0.6%.

Oil prices soared after Iran launched a ballistic missile attack on Israel.

Front-month West Texas Intermediate crude oil jumped 3% to $70.18 a barrel while the global benchmark Brent crude contract gained 3% to $73.82 a barrel. Henry Hub natural gas futures decreased 0.6% to $2.91 per 1 million BTU.

In corporate news, TC Energy ( TRP ) shares rose 1.7% after it said Tuesday it completed the spinoff of its Liquids Pipelines business into South Bow.