01:22 PM EDT, 03/11/2026 (MT Newswires) -- Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2% and the State Street Energy Select Sector SPDR ETF (XLE) up 1.9%.

The Philadelphia Oil Service Sector Index was easing 0.1%, and the Dow Jones US Utilities Index was shedding 0.6%.

In sector news, the International Energy Agency agreed to release 400 million barrels of oil in a bid to stem crude prices and address supply disruptions triggered by the war in the Middle East. The decision by the 32 IEA member countries marks the "largest ever" oil stock release in the agency's history, it said Wednesday. The planned release would surpass the 182 million barrels that the IEA put on the market in two releases in 2022 during Russia's invasion of Ukraine, news outlets reported.

Front-month West Texas Intermediate crude oil was rising 3.8% to $86.64 a barrel, and the global benchmark Brent crude contract was advancing 4.3% to $91.54 a barrel. Henry Hub natural gas futures rose 4.4% to $3.15 per 1 million BTU.

In corporate news, Shell (SHEL) and Cosan ( CSAN ) joint venture Raizen said Wednesday it filed for an out-of-court reorganization to restructure about 65.1 billion Brazilian reais ($12.50 billion) in unsecured financial obligations. Shell shares were up 2%, and Cosan ( CSAN ) fell 2.4%.