Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index up 0.6% and the Energy Select Sector SPDR Fund (XLE) rising 0.5%.

The Philadelphia Oil Service Sector index was posting a 1.3% increase, and the Dow Jones US Utilities index was adding 1.5%.

Israel's plan to respond to a recent Iranian attack is ready, CNN reported, citing a source familiar with the matter. Israeli officials, including Prime Minister Benjamin Netanyahu, have assured the US that the counterstrike would be limited to military targets rather than oil or nuclear facilities, the report said.

Front-month West Texas Intermediate crude oil was declining 0.2% to $70.41 a barrel while the global benchmark Brent crude contract was 0.1% lower at $74.20 a barrel. Henry Hub natural gas futures were 4.6% lower at $2.38 per 1 million BTU.

In corporate news, Dominion Energy (D) said Wednesday its Virginia unit and Amazon.com (AMZN) signed a memorandum of understanding to explore the development of small modular reactor, or SMR, nuclear projects in Virginia. Dominion shares jumped 4.1%.

Lithium Americas (LAC) shares surged 26% after the company said Wednesday it entered into an investment agreement with General Motors' (GM) General Motors Holdings to form a joint venture for funding, developing, constructing and operating the Thacker Pass project in Nevada.

Woodside Energy (WDS) reported Q3 revenue Wednesday of $3.68 billion, up from $3.26 billion a year earlier. A single analyst polled by Capital IQ expected $3.47 billion. Woodside shares rose 1.9% in recent trading.