03:39 PM EDT, 03/11/2026 (MT Newswires) -- Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 2.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.3%.

The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index was shedding 1%.

Front-month West Texas Intermediate crude oil rose 4.7% to $87.36 a barrel, and the global benchmark Brent crude contract advanced 4.9% to $92.11 a barrel. Henry Hub natural gas futures added 6.2% to $3.21 per 1 million BTU.

In corporate news, Sable Offshore ( SOC ) shares jumped 16% after Bloomberg reported the company will be able to secure permitting more easily under Cold War-era powers President Donald Trump is set to invoke. Trump is preparing to summon authorities under the Defense Production Act to preempt state laws and allow Sable Offshore ( SOC ) to restart significant oil production off the southern California coast, a move aimed at helping ease the ongoing global crude supply crunch, the report said.