03:34 PM EDT, 10/03/2024 (MT Newswires) -- Energy stocks rose late Thursday afternoon, with the NYSE Energy Sector Index advancing 1.4% and the Energy Select Sector SPDR Fund (XLE) adding 1.6%.

The Philadelphia Oil Service Sector index climbed 2.3%, while the Dow Jones US Utilities index shed 0.2%.

After Israeli air strikes on central Beirut, Lebanon, front-month West Texas Intermediate crude oil surged 5.5% to $73.94 a barrel, while the global benchmark Brent contract jumped 5.4% to $77.86 a barrel.

US natural gas stocks rose 55 billion cubic feet in the week ended Friday, a smaller gain than the 57 billion increase expected in a survey compiled by Bloomberg and following the gain of 47 billion in the previous week.

Henry Hub natural gas futures climbed 2.7% to $2.97 per 1 million BTU.

In corporate news, Aemetis ( AMTX ) shares jumped 13% after it said Thursday its Aemetis Biogas unit is set to start operations of its new multi-dairy anaerobic digester in Merced County, California, by the end of this year.

Vistra ( VST ) shares popped 5.9% as RBC Capital raised its price target on the company to $141 from $105 while keeping its outperform rating on the stock.

Exxon Mobil ( XOM ) can move forward with job cuts at its Port Jerome refinery in northern France after securing a majority agreement with unions, Reuters reported. Exxon shares added 0.6%.

EON Resources ( EONR ) shares gained 5.6%. The company completed infrastructure improvements and upgrades to increase daily oil production.