01:32 PM EDT, 10/16/2024 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index up 0.5% and the Energy Select Sector SPDR Fund (XLE) rising 0.6%.

The Philadelphia Oil Service Sector index was posting a 1.3% increase, and the Dow Jones US Utilities index was adding 1.5%.

Israel's plan to respond to a recent Iranian attack is ready, CNN reported, citing a source familiar with the matter. Israeli officials, including Prime Minister Benjamin Netanyahu, have assured the US that the counterstrike would be limited to military targets rather than oil or nuclear facilities, the report said.

Front-month West Texas Intermediate crude oil was declining 0.1% to $70.54 a barrel while the global benchmark Brent crude contract was 0.1% higher at $74.34 a barrel. Henry Hub natural gas futures were 4.6% lower at $2.38 per 1 million BTU.

In corporate news, Dominion Energy ( D ) said Wednesday its Virginia unit and Amazon.com ( AMZN ) signed a memorandum of understanding to explore the development of small modular reactor, or SMR, nuclear projects in Virginia. Dominion shares jumped 4%.