03:42 PM EDT, 08/12/2025 (MT Newswires) -- Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index adding 1% and the Energy Select Sector SPDR Fund (XLE) advancing 0.8%.

The Philadelphia Oil Service Sector Index climbed 2.3%, and the Dow Jones US Utilities Index increased 0.4%.

West Texas Intermediate crude oil declined 1.1% to $63.23 a barrel, and global benchmark Brent decreased 0.7% to $66.17 a barrel. Henry Hub natural gas futures slumped 5.5% to $2.79 per 1 million BTU.

In corporate news, Gevo ( GEVO ) shares surged 54% after the company posted a profit in Q2.

TotalEnergies (TTE) is preparing to drill up to seven wells in South Africa's Deep Western Orange Basin, located 211 km off the coast of Saldanha Bay, Bloomberg reported, citing SLR Consulting, an independent environmental assessment company. TotalEnergies shares rose 1.5%.

Oklo ( OKLO ) is expected to be a main beneficiary of US government support for nuclear energy, which has gained traction since the Trump administration took over in January, Wedbush Securities said in a report. Wedbush raised its price target on Oklo ( OKLO ) to $80 from $75 and maintained its outperform rating. Oklo ( OKLO ) shares jumped nearly 9%.

Cenovus Energy ( CVE ) and Indigenous groups in Canada are in talks to acquire a 2 billion Canadian dollar ($1.45 billion) stake in oil sands producer MEG Energy, Bloomberg reported. Cenovus shares rose 2.4%.