Energy stocks rose late Tuesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) both adding 0.7%.

The Philadelphia Oil Service Sector index gained 0.7%, while the Dow Jones US Utilities index climbed 0.4%.

West Texas Intermediate crude oil rose 1.4% to $73.31 a barrel, while global benchmark Brent advanced 1.6% to $77.05 a barrel. Henry Hub natural gas futures rose 2.3% to $3.52 per 1 million BTU.

In corporate news, BP (BP) is planning to cut performance-based bonuses for its senior leaders to 45% of the target, Reuters reported. BP shares rose 0.2%.

Phillips 66 (PSX) investor Elliott Investment Management urged the oil refiner to spin off or sell its midstream business, which may be worth more than $40 billion. Phillips 66 shares jumped 4.7%.

Fluence Energy (FLNC) shares tumbled 47%, a day after the company reported a wider fiscal Q1 loss and cut its 2025 sales outlook.

Cheniere Energy (LNG) is in talks with Indian Oil for a potential 15-year liquefied natural gas supply agreement, Reuters reported. Cheniere shares shed 1.9%.