04:02 PM EDT, 04/02/2026 (MT Newswires) -- Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.

The Philadelphia Oil Service Sector Index was adding 0.7%, and the Dow Jones US Utilities Index advanced 0.3%.

In sector news, Bloomberg reported Iran is drafting a protocol with Oman to oversee traffic through the Strait of Hormuz, citing a report from the state-run IRNA, which in turn cited Iran Deputy Foreign Minister Kazem Gharibabadi. Earlier on Thursday, representatives from more than 35 countries and international organizations met to discuss the continued closure of the Strait of Hormuz, the Bloomberg report said.

President Donald Trump overnight vowed to hit Iran "extremely hard" before ending the war "very shortly."

Front-month West Texas Intermediate crude oil jumped past 11% to $111.19 a barrel, and the global benchmark Brent crude contract climbed 7.1% to $108.29 a barrel. Henry Hub natural gas futures shed 0.7% to $2.80 per 1 million BTU.

US natural gas stocks rose 36 billion cubic feet in the week ended March 27, smaller than the 37 billion cubic foot increase expected in a survey compiled by Bloomberg and following a decrease of 54 billion cubic feet in the previous week.

In corporate news, Black Hills (BKH) and NorthWestern Energy ( NWE ) said Thursday that shareholders of both companies approved their all-stock merger plan at special meetings. Black Hills shares rose 1.2%, and NorthWestern gained 1.8%.

TotalEnergies (TTE) shares rose 2.6% after the company said it agreed to establish a $2.2 billion joint venture with United Arab Emirates-based energy firm Masdar to combine their onshore renewable energy activities in nine countries across Asia.

BP (BP) said Thursday it has named Carol Howle as deputy chief executive. The company said Howle will be in charge of BP's ongoing portfolio review and strategy development beyond 2027 targets. Howle will also remain as lead of the company's supply, trading, and shipping division, BP added. BP shares were up 2%.

Transocean ( RIG ) shares added 0.8% after the firm said it has been awarded a new contract and contract extensions totaling about $1 billion in incremental firm backlog, and retired 8.375% senior secured notes due 2028.