01:32 PM EDT, 04/03/2025 (MT Newswires) -- Energy stocks were sharply lower Thursday afternoon, with the NYSE Energy Sector Index falling 5.4% and the Energy Select Sector SPDR Fund (XLE) dropping 6.8%.

The Philadelphia Oil Service Sector index tumbled past 10%, and the Dow Jones US Utilities index shed 0.2%.

Front-month West Texas Intermediate crude oil was falling 7.3% to $66.50 a barrel, and the global benchmark Brent crude contract was dropping 7% to $69.78 a barrel. Henry Hub natural gas futures were rising 2.1% to $4.14 per 1 million BTU.

In corporate news, Exxon Mobil ( XOM ) shares fell 4.4% after Mizuho cut its price target to $129 from $131 while keeping its neutral rating.