01:39 PM EDT, 06/16/2025 (MT Newswires) -- Energy stocks fell Monday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both shedding 0.5%.

The Philadelphia Oil Service Sector index dropped 0.7%, and the Dow Jones US Utilities index declined 0.4%.

Iran indicated it's urgently looking to end hostilities with Israel and resume nuclear talks, The Wall Street Journal reported, citing Middle Eastern and European officials. Israel has attacked Iran's energy infrastructure, including oil storage and a plant at its largest gas field, while avoiding oil production and shipping facilities, Jim Reid, head of global fundamental credit strategy at Deutsche Bank, said in a report.

The Organization of the Petroleum Exporting Countries trimmed its global oil demand projections for 2025, while maintaining global and US economic growth forecasts for this year and next.

West Texas Intermediate crude oil fell 1.7% to $71.77 a barrel, and global benchmark Brent dropped 1.7% to $72.96 a barrel. Henry Hub natural gas futures rose 4.1% to $3.73 per 1 million BTU.

In corporate news, Chevron ( CVX ) , Exxon Mobil ( XOM ) and other oil companies won a US Supreme Court review in their bid to move lawsuits accusing them of harming Louisiana's coast to federal court, Reuters reported. Chevron ( CVX ) shares fell 0.3% and Exxon eased 0.2%.

Constellation Energy ( CEG ) shares rose 4.2% after the New York State Public Service Commission approved its planned acquisition of Calpine.

TotalEnergies (TTE) acquired a 25% stake in a portfolio of US offshore exploration leases from Chevron ( CVX ). Separately, TotalEnergies acquired interests in multiple blocks offshore Malaysia and one block offshore Indonesia from Petronas. TotalEnergies shares fell 0.9%.

Baker Hughes ( BKR ) agreed to acquire Continental Disc from investment partnerships managed by Tinicum for about $540 million in cash. Baker Hughes ( BKR ) shares rose 0.2%.