01:59 PM EDT, 03/26/2026 (MT Newswires) -- Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index rising 1.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding about 2%.

The Philadelphia Oil Service Sector Index was climbing 1.8%, and the Dow Jones US Utilities Index was up 0.3%.

Front-month West Texas Intermediate crude oil jumped 5.1% to $94.95 a barrel, and the global benchmark Brent crude contract gained nearly 6% to to $108.09 a barrel. Henry Hub natural gas futures rose 2.2% to $3.02 per 1 million BTU.

In sector news, Brent crude prices could surge to $150 per barrel if the Strait of Hormuz remains shut for another month, possibly worsening supply disruptions caused by the Middle East conflict, analysts said. Brent has rallied about 40% since the US-Israel war with Iran began on Feb. 28, with the global oil benchmark hitting as high as $119.50 per barrel intraday on March 9. The prospects of potential peace talks have emerged, but there are mixed signals around a potential ceasefire that could fully reopen the key Strait of Hormuz. That narrow sea passage carries around one quarter of global seaborne oil trade.

Separately, US natural gas stocks fell by 54 billion cubic feet in the week ended March 20, more than the 48 billion decline expected in a survey compiled by Bloomberg and following an increase of 35 billion cubic feet in the previous week.

In corporate news, TotalEnergies' (TTE) trading arm has been on one of the biggest-ever Middle Eastern oil buying sprees this month, adding to the sharper prices of the commodity, Bloomberg reported Thursday, citing traders monitoring data from Platts. TotalEnergies shares gained 1.8%.

Golar LNG (GLNG) shares climbed 3.6% after it said its board started evaluating strategic options, including a potential sale or merger, to accelerate the growth of its floating liquefied natural gas business.

Phillips 66 (PSX) has received the European Commission approval for its planned acquisition of the assets of UK-based Lindsey Oil Refinery, the regulator said Thursday. Phillips 66 shares rose 3.2%.

Valero Energy ( VLO ) has been sued by a man who sustained injuries in an explosion at the company's Port Arthur, Texas, refinery on Monday, Reuters reported late Wednesday, citing a lawsuit filed in the Jefferson County District Court in Beaumont. The lawsuit seeks more than $1 million in damages, the media outlet said. Valero shares were up 5.4%.