03:41 PM EDT, 03/18/2024 (MT Newswires) -- Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both up 0.5%.

The Philadelphia Oil Service Sector index increased 0.3%, and the Dow Jones US Utilities index advanced 0.2%.

Iraq will lower its crude exports in the coming months to compensate for production that exceeds its OPEC+ quota since January, media outlets reported Monday.

West Texas Intermediate crude oil rose 2.5% to $83.05 a barrel, while global benchmark Brent advanced 2.1% to $87.16 a barrel. Henry Hub natural-gas futures jumped 3.3% higher to $1.709 per 1 million BTU.

In corporate news, Pinnacle West Capital ( PNW ) shares rose 1.4% as BofA upgraded the company's rating to buy from neutral amid an "improving regulatory environment" and raised the price target to $80 from $71.

Tellurian (TELL) shares plunged 26% after the company disclosed leadership changes and said it's exploring strategic options, including a potential sale.

Talos Energy ( TALO ) said Monday will sell its Talos Low Carbon Solutions subsidiary to TotalEnergies (TTE) unit TotalEnergies E&P USA for $148 million, including the purchase price of $125 million plus customary reimbursements, adjustments and retention of cash. Talos shares rose 1.8%, and TotalEnergies added 1.4%.

Constellation Energy ( CEG ) shares rose 2.4% after the company issued a $900 million corporate green bond in the US to fund nuclear energy projects.