02:37 PM EDT, 03/16/2026 (MT Newswires) -- Energy stocks advanced Monday afternoon, with the NYSE Energy Sector Index up 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.5%.

The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index was up 0.4%.

Front-month West Texas Intermediate crude oil was falling 4.3% to $94.44 a barrel, and the global benchmark Brent crude contract declined 1.9% to $101.21 a barrel. Henry Hub natural gas futures fell 4.2% to $3.00 per 1 million BTU.

In sector news, investors are eyeing signs of easing shipment disruption in the Strait of Hormuz amid the Middle East conflict. Multiple tankers passed through the Strait over the weekend, according to Bloomberg. The development coincides with US President Trump mounting pressure on allies to join the US in its Iran operations, warning NATO faces a "very bad future" if they don't support it, according to the Financial Times.

In corporate news, the chief executives of Exxon Mobil ( XOM ) , Chevron ( CVX ) and ConocoPhillips ( COP ) cautioned the Trump administration that the disruption to energy flows caused by the closure of the Strait of Hormuz would continue to result in higher volatility in global markets, The Wall Street Journal reported over the weekend. Exxon and Chevron ( CVX ) shares rose 0.7% and 0.3%, while ConocoPhillips ( COP ) was down 0.4%.

Sable Offshore ( SOC ) shares rose 2.4% after it said Monday that it resumed transporting hydrocarbons produced at the Santa Ynez unit through the Santa Ynez pipeline system on Saturday, as directed by US Secretary of Energy Chris Wright. The resumption follows an executive order from US President Donald Trump, through which Wright issued an order to Sable to prioritize pipeline transportation services in response to energy supply issues, the company said.

BP (BP) obtained authorization from the Trump administration to move forward with its Kaskida operation in the Gulf of Mexico, Reuters reported Saturday. The $5 billion capital allocation is expected to open up 10 billion barrels of reserves located within the Paleogene zones of the region, the report said. BP shares were up 1%.