Sector Update: Energy Stocks Rise Monday Afternoon

01:56 PM EDT, 08/31/2026 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.6%. The Philadelphia Oil Service Sector Index was advancing 1.6%, and the Dow Jones US Utilities Index was falling 1.4%. Oil prices rose as investors weighed renewed Washington-Tehran military escalation. President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan, Fox News reported. US air defenses intercepted all but one Iranian missile, which was allowed through because it was not expected to hit anything of consequence, the report said, citing the president. Front-month West Texas Intermediate crude oil rose 2.7% to $85.63 a barrel, and the global benchmark Brent crude contract advanced 4.9% to $90.31 a barrel. Henry Hub natural gas futures added 1.5% to $2.93 per 1 million BTU. In sector news, the US government plans to acquire a 35% passive stake in Alejandro Betancourt's North American Blue Energy Partners and secure preferential rights to buy 20% of the company's oil production in Venezuela at cost, The Wall Street Journal reported over the weekend, citing people involved in negotiating the agreement. The company is expected to have the opportunity to develop 17 oil fields with reported reserves of 65 billion barrels of oil, according to the report. President Donald Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported Monday, citing people familiar with the plans. The companies received invitations last week that were light on details, and they were not informed who else would be in attendance, the report said, citing the people. In corporate news, ONEOK (OKE) agreed to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin in a deal worth roughly $4.43 billion, as the midstream operator aims to expand its energy infrastructure in the region. ONEOK shares were up 0.5%. SLB (SLB) agreed to buy cooling equipment maker Kelvion from Apollo Global Management (APO) in a deal worth $4.1 billion, including debt, as it looked to boost its data center solutions business. SLB shares rose 3.4%. PG&E (PCG), Edison International (EIX) and Sempra (SRE) shares fell Monday after the state of California reportedly amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. PG&E shares were down 18%, Edison fell 24%, and Sempra shed 3%.