Energy stocks gained late Tuesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both up 0.2%.

The Philadelphia Oil Service Sector index shed 0.7%, and the Dow Jones US Utilities index was little changed, paring earlier losses.

West Texas Intermediate crude oil rose 2.2% to $72.09 a barrel, while global benchmark Brent advanced 2.1% to $75.88 a barrel. Henry Hub natural gas futures were little changed at $2.31 per 1 million BTU.

In corporate news, Eni (E) is planning to invest nearly 2 billion euros ($2.16 billion) to transition its chemicals business in Italy to decarbonized options from fossil fuel-based products, Bloomberg reported. Eni shares were little changed.

Vale (VALE), BHP (BHP) and their joint venture Samarco are close to finalizing a 170 billion reais ($29.8 billion) settlement to compensate for the 2015 dam collapse in Mariana, Brazil, Reuters reported. Vale shares rose 0.4% and BHP climbed 0.6%.

GeoPark's (GPRK) Argentina unit obtained authorization from the Argentinian securities regulator to issue up to $500 million in debt securities over the next five years. GeoPark shares fell 0.7%.

Equinor (EQNR) submitted a bid with some Japanese partners in Japan's state auctions to develop an offshore wind farm, Reuters reported. Equinor shares rose 1.4%.