Sector Update: Energy Stocks Decline Monday

04:05 PM EDT, 08/24/2026 (MT Newswires) -- Energy stocks fell Monday with the NYSE Energy Sector Index dropping 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) declining 0.8%. The Philadelphia Oil Service Sector Index fell 2%, and the Dow Jones US Utilities Index rose 1.3%. In geopolitical news, the US will remove any entity facilitating money laundering on Iran's behalf from the US dollar system as part of "Operation Economic Outcast," Treasury Secretary Scott Bessent said at a press conference. In addition, Bessent said the Treasury's Office of Foreign Assets Control is currently sanctioning over 60 entities, individuals and vessels assisting Iran, and he expects a "major announcement" of sanctions against a financial institution later this week. West Texas Intermediate crude oil fell 2.1% to $85.25 a barrel, and global benchmark Brent declined 2.2% to $92.28 a barrel. Henry Hub natural gas futures increased 0.2% to $2.78 per 1 million BTU. In corporate news, Chevron (CVX) said its EMEA subsidiary signed a production sharing agreement with Libya's National Oil Corp. Chevron shares declined 1.1%. Braskem (BAK) said its board approved the filing of an out-of-court restructuring petition covering the company and certain subsidiaries, involving about $10.9 billion in unsecured financial obligations, Braskem shares fell 7%. ExxonMobil (XOM) plans to expand automated drilling technology to half of its Permian Basin rig fleet by 2028, Reuters reported. Exxon shares fell 0.6%. Shell (SHEL) has drawn interest from potential bidders including ExxonMobil, LyondellBasell (LYB) and Apollo Global Management (APO) for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported. Shell shares fell 0.4%.