03:35 PM EDT, 04/08/2026 (MT Newswires) -- Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 3.7% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 3.4%.

The Philadelphia Oil Service Sector Index was up 0.5%, and the Dow Jones US Utilities Index rose 0.9%.

Front-month West Texas Intermediate crude oil tumbled nearly 15% to $96.11 a barrel, and the global benchmark Brent crude contract slumped past 11% to $96.53 a barrel. Henry Hub natural gas futures fell 4.7% to $2.73 per 1 million BTU.

In corporate news, Talos Energy ( TALO ) shares fell 7.6% after Roth Capital Partners downgraded the company's stock to neutral from buy and adjusted the price target to $16 from $13.