02:02 PM EDT, 04/09/2026 (MT Newswires) -- Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1.3%.

The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index climbed 1.6%.

In sector news, oil prices increased Thursday as shipment activity through the Strait of Hormuz remained restricted despite a two-week ceasefire between Washington and Iran. The rebound in oil prices follows the sharpest one-day pullback since 2020 in the previous session as the US and Iran agreed to temporarily halt hostilities that had gripped the Middle East.

Front-month West Texas Intermediate crude oil was rising 2.7% to $96.93 a barrel, and the global benchmark Brent crude contract was advancing 0.6% to $95.35 a barrel. Henry Hub natural gas futures fell 1.7% to $2.68 per 1 million BTU.

US natural gas stocks rose by 50 billion cubic feet in the week ended April 3, larger than the 48 billion increase expected in a survey compiled by Bloomberg as of 7:35 am ET and following a revised increase of 32 billion cubic feet in the previous week.

In corporate news, Chevron ( CVX ) expects higher commodity prices driven by the Middle East conflict to boost Q1 earnings in its upstream segment by up to $2.2 billion, though timing impacts could weigh on its bottom line. Its shares were down 1.7%.

Occidental Petroleum ( OXY ) said Thursday it has discovered oil at the Bandit prospect, co-owned by Chevron ( CVX ) and Woodside Energy ( WDS ) , in the Gulf of Mexico. Occidental shares declined 2.4%, and Woodside fell 1.5%.

Energy Vault ( NRGV ) said Thursday it has agreed to buy a pipeline of battery energy storage system, or BESS, projects in Japan from a local company. Its shares rose 2.5%.