01:15 PM EDT, 06/16/2025 (MT Newswires) -- Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each shedding 0.5%.

The Philadelphia Oil Service Sector index was down 0.7%, and the Dow Jones US Utilities index was slipping 0.5%.

An escalation of the Israel-Iran conflict over the weekend failed to hit extreme levels. Iran has been showing signs it's urgently looking to end hostilities with Israel and resume nuclear talks, The Wall Street Journal reported, citing Middle Eastern and European officials. Israel has attacked Iran's energy infrastructure, including oil storage as well as a plant at its largest gas field, but so far has shied away from targeting oil production and shipping facilities, Jim Reid, head of global fundamental credit strategy at Deutsche Bank, said in a report.

The Organization of the Petroleum Exporting Countries trimmed its global oil demand projections for 2025, while maintaining global and US economic growth forecasts for this year and next. The oil-producing cartel expects oil consumption to grow by 1.29 million barrels a day this year, compared with its previous forecast of 1.3 million barrels, OPEC said in its latest monthly report.

Front-month West Texas Intermediate crude oil was falling 1.7% to $71.77 a barrel, and the global benchmark Brent crude contract was dropping 1.7% to $72.96 a barrel. Henry Hub natural gas futures were rising 4.1% to $3.73 per 1 million BTU.

In corporate news, Chevron ( CVX ) , Exxon Mobil ( XOM ) and other oil companies won a US Supreme Court review in their bid to move lawsuits accusing them of harming Louisiana's coast to federal court, Reuters reported. Chevron ( CVX ) shares were down 0.4% and Exxon was down 0.2%.