Sector Update: Energy Stocks Gain Late Afternoon

03:48 PM EDT, 10/23/2026 (MT Newswires) -- Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 2.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%. The Philadelphia Oil Service Sector Index was climbing up 5.4%, and the Dow Jones US Utilities Index was decreasing 0.8%. Oil prices rose Friday after Iran declared its readiness for "asymmetric warfare," compounding market supply concerns following reports that the US and Israel were preparing for fresh strikes post-midterm elections in the US. Iran's military is fully prepared for "asymmetric warfare," state-affiliated Tasnim News Agency reported Thursday, citing the nation's army chief. Separately, Saudi Aramco has ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, as fighting intensified with the Iran-aligned Houthis, Reuters reported. Meanwhile, an oil spill from a tanker was detected off the coast of Umm Al Quwain in the United Arab Emirates, the UAE Ministry of Climate Change and Environment said, according to the news report, without identifying the cause of the spill or the tanker involved. Front-month West Texas Intermediate crude oil gained 4.1% to $103.51 a barrel, and the global benchmark Brent crude contract rose 3.4% to $117.06 a barrel. Henry Hub natural gas futures fell 5.8% to $2.64 per 1 million BTU. In corporate news, SLB (SLB) reported better-than-expected Q3 results on Friday as a surge in North America revenue and momentum in its data center business offset weakness in its Middle East operations. Shares jumped past 7%. BP (BP) has agreed to make an early payment of about $350 million to Louisiana, accelerating its remaining obligations under the 2015 Deepwater Horizon Economic Damages Settlement, the company said Friday. BP shares were up 2.5%. Hess Midstream (HESM) shares rose 2% after Raymond James upgraded the stock to outperform from market perform, with a price target of $32 per share. Eni (E) shares were up more than 4% after the firm reported higher Q3 results and increased its share buyback program.