---
title: "Sector Update: Energy Stocks Higher Late Afternoon"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285262223.md"
description: "Energy stocks saw a rise late Tuesday, with the NYSE Energy Sector Index up 0.6%. However, crude oil futures fell sharply after Defense Secretary Pete Hegseth confirmed the Iran ceasefire remains in effect. Shell and Ineos Energy announced a joint investment in Gulf of Mexico exploration, while Diamondback Energy indicated potential rig additions in the Permian Basin. GE Vernova and Blue Energy are planning a new power facility in Texas, and Enlight Renewable Energy reported better-than-expected Q1 earnings, boosting its shares by 2.8%."
datetime: "2026-05-05T20:04:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285262223.md)
  - [en](https://longbridge.com/en/news/285262223.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285262223.md)
---

# Sector Update: Energy Stocks Higher Late Afternoon

04:04 PM EDT, 05/05/2026 (MT Newswires) -- Energy stocks were rising late Tuesday afternoon, with the NYSE Energy Sector Index adding 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.

The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index was up 0.1%.

Crude oil futures slumped after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains in force. Hegseth, speaking at a Tuesday morning press conference, said the Iran ceasefire remains in effect while promising to continue to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.

Front-month West Texas Intermediate crude oil declined 3.5% to $102.69 a barrel, and the global benchmark Brent crude contract dropped 3.8% to $110.11 a barrel. Henry Hub natural gas futures fell 3.5% to $2.77 per 1 million BTU.

In corporate news, Shell (SHEL) and Ineos Energy have agreed to jointly invest in oil and gas exploration and development opportunities in the Gulf of Mexico, Ineos Energy said. Shell shares rose 0.5%.

Diamondback Energy ( FANG ) said operators may add 20 to 30 oil rigs in the US Permian Basin this year as elevated crude prices and supply disruptions tied to the Middle East conflict support higher activity. Diamondback shares were down 3.2%.

GE Vernova ( GEV ) and Blue Energy are planning to develop a 2.5 gigawatt power facility in Texas that will combine nuclear and natural gas, the companies said Tuesday. GE Vernova ( GEV ) shares added 2%.

Enlight Renewable Energy ( ENLT ) shares climbed 2.8% after it reported higher-than-expected Q1 earnings and revenue.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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