03:30 PM EDT, 10/15/2024 (MT Newswires) -- Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both slumping 2.7%.

The Philadelphia Oil Service Sector index dropped 3%, while the Dow Jones US Utilities index rose 0.9%.

The Washington Post reported Israel's Prime Minister Benjamin Netanyahu told the Biden administration that Israel will concentrate on attacking Iranian military facilities, easing concern a retaliatory strike may disrupt Iran's oil exports.

The International Energy Agency cut its estimate for 2024 world oil demand to 862,000 barrels a day from 903,000 b/d in the September outlook.

West Texas Intermediate crude oil tumbled 3.8% to $71.02 a barrel, while global benchmark Brent fell 3.6% to $74.69 a barrel. Henry Hub natural gas futures eased 0.2% to $2.49 per 1 million BTU.

In corporate news, UGI (UGI) shares rose 3%. The company named Robert Flexon as chief executive officer, effective Nov. 1.