03:54 PM EDT, 07/29/2026 (MT Newswires) -- Energy stocks rose late Wednesday afternoon, with the NYSE Energy Sector Index gaining 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.8%.

The Philadelphia Oil Service Sector Index fell 0.8%, and the Dow Jones US Utilities Index shed 1.3%.

In geopolitical news, President Donald Trump said Iran will be hit hard, according to Fox News. The US Central Command said it joined Saudi Arabian Armed Forces to conduct strikes in Iraq against Iran-aligned terrorists that the Islamic Revolutionary Guard Corps directed to attack US forces and Saudi energy infrastructure.

West Texas Intermediate crude oil jumped 6.3% to $84.28 a barrel, and global benchmark Brent surged 7.4% to $90.32 a barrel. Henry Hub natural gas futures rose 2.4% to $2.73 per 1 million BTU.

In corporate news, Shell (SHEL) and Phillips 66 (PSX) are exploring a sale of their combined stakes in the Explorer refined products pipeline in a deal that may value the asset at $3.5 billion, Reuters reported. Shell shares rose 2.5%, and Phillips 66 added 0.2%.

Baker Hughes ( BKR ) shares were up 1.6% after the company said it secured a major order for 76 NovaLT 16 gas turbines from Dynamis Power Solutions.

Woodside Energy ( WDS ) shares rose 4.9% after it reported higher Q2 operating revenue.

Carlyle (CG), Energean, Dragon Oil, and Artemis Energy are among the companies that are anticipated to bid for BP's (BP) West Nile Delta natural gas development off Egypt this week, Reuters reported. BP shares were up 4.2%.