01:53 PM EDT, 10/03/2024 (MT Newswires) -- Energy stocks rose Thursday afternoon, with the NYSE Energy Sector Index advancing 1.2% and the Energy Select Sector SPDR Fund (XLE) adding 1.5%.

The Philadelphia Oil Service Sector index climbed 1.7%, and the Dow Jones US Utilities index shed 0.2%.

After Israeli air strikes on central Beirut, front-month West Texas Intermediate crude oil surged 4.6% to $73.36 a barrel, while the global benchmark Brent contract jumped 4.5% to $77.21 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, EON Resources ( EONR ) shares spiked 8%. The company completed infrastructure improvements and upgrades to increase daily oil production.

Constellation Energy ( CEG ) shares popped 4.2%. RBC Capital Markets raised its price target on Constellation to $272 from $214 while keeping its sector-perform stock rating.

Helix Energy (HLX) is considering various strategic options, including the possibility of a sale, Bloomberg reported. Helix shares rose 0.9%.