03:24 PM EDT, 10/28/2024 (MT Newswires) -- Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each decreasing 0.8%.

The Philadelphia Oil Service Sector index was posting a 1.5% drop, while the Dow Jones US Utilities index was rising 0.9%.

Israel's retaliatory strike on Iran neither targeted the Islamic nation's oil and nuclear facilities infrastructure nor did it disrupt energy supplies.

Front-month West Texas Intermediate crude oil tumbled 5.7% to $67.68 a barrel while the global benchmark Brent crude contract slumped 5.7% to $71.72 a barrel. Henry Hub natural gas futures sank 7.6% to $2.86 per 1 million BTU.

In corporate news, TotalEnergies (TTE) and QatarEnergy are developing a 1.25-gigawatt solar project in Iraq, QatarEnergy said Monday. TotalEnergies shares were decreasing 0.7%.