01:45 PM EDT, 07/08/2025 (MT Newswires) -- Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 2.6% and the Energy Select Sector SPDR Fund (XLE) adding 2.7%.

The Philadelphia Oil Service Sector index climbed 5.3%, while the Dow Jones US Utilities index fell 0.9%.

Front-month West Texas Intermediate crude oil was rising 0.9% to $68.53 a barrel, and the global benchmark Brent crude contract was advancing 1.1% to $70.33 a barrel. Henry Hub natural gas futures were 1.8% lower at $3.35 per 1 million BTU.

In sector news, President Donald Trump has signed an executive order to eliminate federal tax credits and preferential policies for wind and solar energy, the White House said Monday. The order instructed the US Department of the Treasury to revoke production and investment tax credits for clean electricity and apply stricter restrictions tied to foreign entities. It also directed the US Department of the Interior to revise regulations that had favored solar and wind over fossil fuels and other dispatchable energy sources, the White House said.

In corporate news, BP (BP) and Shell (SHEL) signed separate agreements with Libya's National Oil Corp., or NOC, to explore hydrocarbon prospects, NOC said Monday. BP shares were rising 3.3% and Shell was up 2.1%.

XCF Global ( SAFX ) shares popped 3.5% after the company said Tuesday its New Rise Reno facility in Nevada started production of renewable fuels during an initial ramp-up phase.

Exxon Mobil ( XOM ) said in a regulatory filing late Monday that it expects oil price changes to lower its Q2 upstream earnings by a range of $800 million to $1.2 billion. Exxon shares were up 2.6%.

EMX Royalty ( EMX ) shares dropped 4.3% after the company said Tuesday that it has signed an exploration alliance agreement with gold producer Avesoro Holdings unit, Avesoro Morocco, under which EMX will sell its Moroccan operating entity to Avesoro.