Sector Update: Energy Stocks Gain Monday

04:10 PM EDT, 08/31/2026 (MT Newswires) -- Energy stocks rose Monday with the NYSE Energy Sector Index gaining 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%. The Philadelphia Oil Service Sector Index advanced 2.1%, and the Dow Jones US Utilities Index fell 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. West Texas Intermediate crude oil rose 2.8% to $85.77 a barrel, and global benchmark Brent advanced 2.5% to $90.30 a barrel. Henry Hub natural gas futures added 1.3% 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. Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported. 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. In corporate news, Helix Energy Solutions' (HLX) shareholders approved all proposals required to complete an all-stock combination with Hornbeck Offshore Services. Helix Energy shares rose 1.6%. Oneok (OKE) agreed to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for $4.43 billion. Oneok shares rose 1.3%. SLB (SLB) agreed to buy cooling equipment maker Kelvion from Apollo Global Management (APO) for $4.1 billion, including debt. SLB shares rose 4.9%. PG&E (PCG), Edison International (EIX) and Sempra (SRE) shares slumped after the state of California reportedly amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. PG&E shares tumbled 20%, Edison plunged 23%, and Sempra fell 3.1%.