--- title: "Sector Update: Energy Stocks Softer Tuesday Afternoon" type: "News" locale: "en" url: "https://longbridge.com/en/news/277670084.md" description: "Energy stocks declined on Tuesday, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF both down 0.8%. The Philadelphia Oil Service Sector Index fell 2.1%, while the Dow Jones US Utilities Index decreased by 1.1%. Crude oil prices rose, with WTI at $74.69 and Brent at $81.50. In corporate news, BP is shutting down production at Iraq's Rumaila oil field, Shell's arbitration ruling was rejected, and TotalEnergies is selling a stake in battery storage projects in Germany." datetime: "2026-03-03T19:01:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277670084.md) - [en](https://longbridge.com/en/news/277670084.md) - [zh-HK](https://longbridge.com/zh-HK/news/277670084.md) --- # Sector Update: Energy Stocks Softer Tuesday Afternoon 02:01 PM EST, 03/03/2026 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each shedding 0.8%. The Philadelphia Oil Service Sector Index was falling 2.1%, and the Dow Jones US Utilities Index was down 1.1%. Front-month West Texas Intermediate crude oil was rising 4.8% to $74.69 a barrel, and the global benchmark Brent crude contract was advancing 4.8% to $81.50 a barrel. Henry Hub natural gas futures rose 4.4% to $3.09 per 1 million BTU. In sector news, the US and Israel's war on Iran expanded to Lebanon, while the Strait of Hormuz, the chokepoint for about 20% of global oil exports, remains closed amid the violence. "Oil is Iran's weapon of choice, and it is aimed straight at President \[Donald\] Trump's Midterm elections," said Bjarne Schieldrop, chief analyst for commodities at SEB Research. "An important part of the battlefield for Iran is thus at the US gasoline pump." In corporate news, BP (BP) has begun shutting down production at Iraq's Rumaila oil field as onshore storage reaches capacity and tanker traffic stalls in the Persian Gulf, Bloomberg reported. BP shares were down 0.9%. Shell (SHEL)'s request to overturn an arbitration ruling that favored Venture Global ( VG ) in a dispute over alleged improper sales of liquefied natural gas has been rejected by a New York state judge, Reuters reported. Shell shares were down 2%, and Venture Global ( VG ) gained 3.7%. TotalEnergies (TTE) shares fell 2.5% after the company said it agreed to sell a 50% stake in its portfolio of 11 battery storage projects currently under construction in Germany to Allianz Global Investors. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited. ### Related Stocks - [TTE.US](https://longbridge.com/en/quote/TTE.US.md) - [BP.US](https://longbridge.com/en/quote/BP.US.md) - [SHEL.US](https://longbridge.com/en/quote/SHEL.US.md) - [SHEL.WI.US](https://longbridge.com/en/quote/SHEL.WI.US.md) - [OIH.US](https://longbridge.com/en/quote/OIH.US.md) - [XLE.US](https://longbridge.com/en/quote/XLE.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [XLEI.US](https://longbridge.com/en/quote/XLEI.US.md) ## Related News & Research - [Turkey's TPAO to begin acquiring shares in foreign companies, minister says](https://longbridge.com/en/news/282579804.md) - [TotalEnergies Faces Middle East Shock As Output And Cash Flow Shift](https://longbridge.com/en/news/282406338.md) - [Exploration: TotalEnergies and TPAO sign a Cooperation Agreement | TTE Stock News](https://longbridge.com/en/news/282542464.md) - [Key facts: TotalEnergies halts SATORP; Brazil export tax suspended](https://longbridge.com/en/news/282400196.md) - [BP flags "exceptional" oil trading results in first quarter](https://longbridge.com/en/news/282637999.md)