01:45 PM EDT, 05/17/2024 (MT Newswires) -- Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the Energy Select Sector SPDR Fund (XLE) up 1%.

The Philadelphia Oil Service Sector index was adding 0.3%, and the Dow Jones US Utilities index was shedding 0.1%.

Front-month West Texas Intermediate crude oil was rising 0.9% to $79.95 a barrel while the global benchmark Brent crude contract was advancing 0.8% to $83.93 a barrel. Henry Hub natural gas futures jumped 4.3% to $2.60 per 1 million BTU.

In corporate news, Iberdrola said Friday it has reached an "agreement in principle" to buy the remaining shares of its US unit Avangrid ( AGR ) that it doesn't own for $35.75 per share, or about $2.55 billion. Avangrid ( AGR ) shares were halted.

Hess (HES) shareholder D.E. Shaw intends to abstain from voting on Chevron's ( CVX ) planned $53 billion takeover of the oil company, Bloomberg reported Friday. D.E. Shaw is one of the top 15 shareholders in Hess, according to the report. Hess shares were rising 0.7% and Chevron ( CVX ) shares were up 0.8%.

Duke Energy ( DUK ) shares added 0.6% as the company's Carolinas unit said Friday it agreed to settle a rate review request for $240 million with almost all parties to recover investments made to increase system diversity and reliability.