03:23 PM EDT, 06/24/2025 (MT Newswires) -- Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each falling 1.3%.

The Philadelphia Oil Service Sector index was down 0.1%, while the Dow Jones US Utilities index rose 0.5%.

In sector news, President Donald Trump confirmed that Israel would refrain from new strikes on Iran, reinforcing confidence that the ceasefire he has brokered would hold. "ISRAEL is not going to attack Iran," Trump said in a message on Truth Social. "All planes will turn around and head home, while doing a friendly 'Plane Wave' to Iran. Nobody will be hurt, the Ceasefire is in effect!"

Front-month West Texas Intermediate crude oil dropped 5.8% to $64.54 a barrel, and the global benchmark Brent crude contract fell 5.8% to $67.34 a barrel. Henry Hub natural gas futures were 4.3% lower at $3.54 per 1 million BTU.

In corporate news, SM Energy ( SM ) shares were falling 2.5% after Raymond James downgraded the company's stock to underperform from outperform.