03:30 PM EDT, 03/17/2025 (MT Newswires) -- Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index adding 1.8% and the Energy Select Sector SPDR Fund (XLE) rising 1.9%.

The Philadelphia Oil Service Sector index added 1.7%, and the Dow Jones US Utilities index was up 0.5%.

Front-month West Texas Intermediate crude oil rose 0.6% to $67.59 a barrel, and the global benchmark Brent crude contract advanced 0.7% to $71.09 a barrel. Henry Hub natural gas futures dropped 2.7% to $4.00 per 1 million BTU.

In corporate news, BP (BP) along with Azerbaijan's national oil company Socar and Israeli firm NewMed Energy were granted licenses to explore for natural gas in 1,700 square kilometers of Mediterranean Sea waters near the Leviathan field, Reuters reported. BP shares added 1%.