03:32 PM EDT, 04/04/2025 (MT Newswires) -- Energy stocks slumped late Friday afternoon with the NYSE Energy Sector Index falling 8.5% and the Energy Select Sector SPDR Fund (XLE) dropping 8.1%.

The Philadelphia Oil Service Sector index plunged 12%, and the Dow Jones US Utilities index declined 4.8%.

West Texas Intermediate crude oil fell 6.8% to $62.41 a barrel, and global benchmark Brent crude dropped 5.9% to $66.04 a barrel. Henry Hub natural gas futures tumbled 7.8% to $3.82 per 1 million BTU.

In corporate news, Brookfield Infrastructure (BIP) agreed to buy the assets of pipeline operator Colonial Enterprises from a group of five owners, including Shell (SHEL), for $9 billion. Shell shares fell 8%, and Brookfield Infrastructure declined 6.4%.