01:48 PM EDT, 04/04/2025 (MT Newswires) -- Energy stocks slumped Friday afternoon with the NYSE Energy Sector Index falling 8% and the Energy Select Sector SPDR Fund (XLE) dropping 7.5%.

The Philadelphia Oil Service Sector index plunged 11%, and the Dow Jones US Utilities index fell 4.1%.

West Texas Intermediate crude oil fell 7.8% to $61.72 a barrel, and global benchmark Brent crude dropped 6.8% to $65.34 a barrel. Henry Hub natural gas futures declined 6.5% to $3.87 per 1 million BTU.

In corporate news, Duke Energy ( DUK ) restored power for most of its customers affected by power outages in Indiana after Wednesday's storm. Duke shares fell 3.1%.

BP (BP) said its board initiated a succession process to appoint a new chair with Helge Lund likely to step down in 2026. BP shares fell 8.9%.

Matador Resources ( MTDR ) sold its remaining Eagle Ford shale assets in South Texas for proceeds topping $30 million. Matador shares tumbled 12%.