01:07 PM EDT, 06/18/2026 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling about 2.1%.

The Philadelphia Oil Service Sector Index dropped 3.6%, and the Dow Jones US Utilities Index rose 1.5%.

In sector news, US President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding aiming to reopen the Strait of Hormuz, lift the US blockade of Iranian ports, and pursue a permanent peace deal to end the war.

Front-month West Texas Intermediate crude oil fell 2.7% to $74.73 a barrel, and the global benchmark Brent crude contract dropped 2.2% to $77.80 a barrel. Henry Hub natural gas futures gained 1.4% to $3.19 per 1 million BTU.

In corporate news, Energy Transfer ( ET ) said Thursday it is expanding its Nederland, Texas NGL export terminal, adding 240,000 bpd of ethane capacity and 55,000 bpd of LPG capacity, with all ethane volumes committed under long-term contracts into the 2040s. Its shares rose 0.8%.