01:45 PM EDT, 03/23/2026 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) rising 1%.

The Philadelphia Oil Service Sector Index was climbing 3%, and the Dow Jones US Utilities Index was adding 1.3%.

In sector news, oil prices fell after President Donald Trump said he would postpone a planned attack on Iran's power infrastructure. Trump backed down from a weekend threat to "obliterate" Iran's power plants if Iran did not fully open the Strait of Hormuz to tanker traffic by the end of Monday. In a 6:00 am ET social media post Monday, Trump backed down from the threat, saying he would postpone any action for five days.

The US and Iran have had over the last two days "very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East," Trump said in a social media post. The constructive conversations will continue throughout the week, Trump added.

Front-month West Texas Intermediate crude oil slumped 8.6% to $89.79 a barrel, and the global benchmark Brent crude contract tumbled 9.5% to $101.59 a barrel. Henry Hub natural gas futures fell 5.7% to $2.92 per 1 million BTU.

In corporate news, TotalEnergies (TTE) said Monday it signed settlement agreements with the US Department of the Interior to relinquish its Carolina Long Bay and New York Bight offshore wind leases awarded in 2022, effectively exiting the US offshore wind sector. Its shares were down 0.1%.