01:23 PM EST, 02/04/2025 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 2.1% and the Energy Select Sector SPDR Fund (XLE) up 1.9%.

The Philadelphia Oil Service Sector index climbed 2.5%, while the Dow Jones US Utilities index was down 0.6%.

In sector news, China plans to impose 15% tariffs on US coal and liquefied natural gas imports and a 10% tariff on crude oil, agricultural machinery, large-displacement cars, and pickup trucks. The move follows the Trump administration's announcement of a 10% additional tariff on imports from China late Friday.

Front-month West Texas Intermediate crude oil was declining 0.7% to $72.65 a barrel while the global benchmark Brent crude contract was up 0.3% at $76.15 a barrel. Henry Hub natural gas futures fell 1.9% lower to $3.29 per 1 million BTU.

In corporate news, BP (BP) is poised to spend up to $25 billion over the lifetime of a project to redevelop four oil and gas fields in Kirkuk, Iraq, Reuters reported Tuesday. Separately, BP is delaying plans to convert its former Kwinana oil refinery in Australia to produce renewable fuels, Bloomberg reported Tuesday. BP shares rose nearly 2%.