Energy stocks climbed late Tuesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 1.4%.

The Philadelphia Oil Service Sector index added 2.3%, and the Dow Jones US Utilities index fell 0.3%.

West Texas Intermediate crude oil rose 1.2% to $71.87 a barrel, while global benchmark Brent advanced 0.9% to $74.64 a barrel. Henry Hub natural gas futures tumbled 7.7% to $3.63 per 1 million BTU.

In corporate news, Hawaiian Electric Industries (HE) closed the sale of 90.1% of common stock of American Savings Bank to independent investors for $405 million in cash. The company also said a comprehensive evaluation of alternatives for its Pacific Current unit is underway. Hawaiian Electric shares fell 1.6%.

California Resources (CRC) and its Carbon TerraVault business said Tuesday they have received final Class VI well permits from the US Environmental Protection Agency for underground storage of carbon dioxide. California Resources shares popped 3.1%.

TXNM Energy's (TXNM) PNM unit said Tuesday it has issued a request for proposals for at least 900 megawatts of new energy resources for clients in New Mexico between 2029 and 2032. PNM said it would need at least 500 megawatts by 2030. TXNM shares added 0.4%.

BW LPG (BWLP) shares gained 3.2% after the company said it has completed the $1.05 billion acquisition of 12 very large gas carriers from Avance Gas following the delivery of the final vessel, BW Avior.