03:55 PM EDT, 07/17/2026 (MT Newswires) -- Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.9%.

The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.7%.

Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.

Front-month West Texas Intermediate crude oil jumped 4% to $82.12 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $87.77 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.

In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.

In corporate news, Chevron ( CVX ) subsidiary Chevron Exploration Services and Iraqi state-owned Basra Oil have signed an agreement to further their commercial negotiations regarding the West Qurna Phase 2 oil field, a company spokesperson told MT Newswires in an emailed response Friday. Chevron ( CVX ) shares rose 1.7%.

ConocoPhillips ( COP ) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips ( COP ) shares rose 1.3%, and BP climbed 1.8%.

PBF Energy ( PBF ) shares gained 3.3% after Evercore ISI started coverage of the firm with an in-line rating and $58 price target.

Valero Energy ( VLO ) shares were rising 2.7%. The company said in a filing Thursday that its board has authorized the purchase of the company's common stock worth $5 billion, in addition to the amount remaining under its existing buyback program.