03:46 PM EDT, 03/23/2026 (MT Newswires) -- Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index increasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) rising 0.9%.

The Philadelphia Oil Service Sector Index was climbing 2.9%, and the Dow Jones US Utilities Index was adding 1.2%.

In sector news, oil prices tumbled after President Donald Trump delayed military strikes on Iran's energy infrastructure. In a social media post Monday, Trump said the US will not attack Iran's energy infrastructure for five days amid ongoing talks between the two countries. Trump had threatened to "hit and obliterate" Iran's power plants if Tehran didn't fully open the crucial Strait of Hormuz. Iran's Foreign Ministry denied that Tehran was in talks with Washington, The Wall Street Journal reported, citing Iranian state media.

Front-month West Texas Intermediate crude oil sank 10% to $88.41 a barrel, and the global benchmark Brent crude contract plunged 11.5% to $99.30 a barrel. Henry Hub natural gas futures fell 6.2% to $2.90 per 1 million BTU.

In corporate news, Cheniere Energy (LNG) shares rose 1.7% after Morgan Stanley upgraded the stock to overweight from equalweight and raised its price target to $313 per share from $236.