01:41 PM EDT, 03/25/2024 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.1% and the Energy Select Sector SPDR Fund (XLE) adding 1% recently.

The Philadelphia Oil Service Sector index was climbing 1.4% while the Dow Jones US Utilities index was slipping 0.2%.

Front-month West Texas Intermediate crude oil was rising 1.4% to $81.77 a barrel while the global benchmark Brent crude contract was advancing 1.2% to $85.87 a barrel. Henry Hub natural gas futures were 1% lower at $1.79 per 1 million BTU.

In corporate news, Vaalco Energy ( EGY ) shares jumped about 12% after it said Monday that Equatorial Guinea's government has approved the joint operating agreement for the development and production on the offshore Venus-Block P Plan of Development.

Vivakor ( VIVK ) fell more than 13% after it said Monday it has agreed to buy Endeavor Crude, Meridian Equipment Leasing, including its subsidiary CPE MidCon, Equipment Transport, and Silver Fuels Processing for $120 million.

LanzaTech Global ( LNZA ) and Technip Energies said Monday they have been chosen by the US Department of Energy to start the negotiations for up to $200 million in funding as part of the Industrial Demonstrations Program. LanzaTech shares rose 4.1%.