01:30 PM EDT, 03/20/2026 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index increasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) rising 1.1%.

The Philadelphia Oil Service Sector Index was decreasing 0.4%, and the Dow Jones US Utilities Index was falling 1.9%.

Front-month West Texas Intermediate crude oil was rising 2.6% to $97.99 a barrel, and the global benchmark Brent crude contract was advancing 1.8% to $110.53 a barrel. Henry Hub natural gas futures were 2.8% lower at $3.08 per 1 million BTU.

In sector news, the US government is mulling plans to occupy or blockade Kharg Island, crucial to Iran's oil exports to mount pressure on Tehran to allow tanker shipments through the Strait, Axios reported Friday.

The US is sending up to 2,500 additional marines and three warships to the Middle East, according to the Wall Street Journal.

In corporate news, Cheniere Energy (LNG) may benefit from tighter global liquefied natural gas supply after outages in Qatar, with higher chances of securing new long-term contracts, BofA Securities said in a note. BofA raised its price target on Cheniere to $322 from $296, while reiterating the company's buy rating. Cheniere shares rose 1.6%.