03:57 PM EDT, 03/20/2026 (MT Newswires) -- Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index down 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.1%.

The Philadelphia Oil Service Sector Index fell 1.2%, and the Dow Jones US Utilities Index dropped 3.9%.

Front-month West Texas Intermediate crude oil was rising 2.9% to $98.31 a barrel, and the global benchmark Brent crude contract was advancing 3.3% to $112.28 a barrel. Henry Hub natural gas futures shed 1.8% to $3.11 per 1 million BTU.

In sector news, the US government is mulling plans to occupy or blockade Kharg Island, crucial to Iran's oil exports, to mount pressure on Iran to allow tanker shipments through the Strait, Axios reported Friday. The US is sending up to 2,500 additional marines and three warships to the Middle East, according to the Wall Street Journal.

In corporate news, Chevron ( CVX ) shares added 0.4% after HSBC upgraded the stock to buy from hold and raised its price target to $215 from $180.

Cheniere Energy (LNG) and Venture Global ( VG ) shares gained after QatarEnergy's chief executive flagged the impact of Iranian attacks on Qatar's liquified natural gas export capacity. QatarEnergy Chief Executive Saad al-Kaabi told Reuters during an interview that Iranian attacks have wiped out 17% of Qatar's liquified natural gas export capacity, resulting in $20 billion in lost revenue, according to a Thursday report. Separately, Cheniere may benefit from tighter global liquefied natural gas supply after outages in Qatar, with higher chances of securing new long-term contracts, BofA Securities said in a note. BofA raised its price target on Cheniere to $322 from $296, while reiterating the company's buy rating. Cheniere shares rose 0.3%, and Venture Global ( VG ) jumped past 8%.

Shell (SHEL) said Friday that repairs to train two at the Pearl Gas-to-Liquids facility in Qatar will take around a year following a missile attack from Iran earlier in the week. Shell shares were down 0.9%.

Eni (E) is renegotiating contracts with Algeria's Sonatrach to try to secure more natural gas for Italy as the Iran war hampers supply, Bloomberg reported Friday. Eni shares were decreasing 0.5%.

KNOT Offshore Partners ( KNOP ) shares fell 11% after it said that discussions over a potential buyout offer from Knutsen NYK Offshore Tankers have been terminated.