Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 2.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%.
The Philadelphia Oil Service Sector Index was climbing up 5.4%, and the Dow Jones US Utilities Index was decreasing 0.8%.
Oil prices rose Friday after Iran declared its readiness for "asymmetric warfare," compounding market supply concerns following reports that the US and Israel were preparing for fresh strikes post-midterm elections in the US. Iran's military is fully prepared for "asymmetric warfare," state-affiliated Tasnim News Agency reported Thursday, citing the nation's army chief.
Front-month West Texas Intermediate crude oil gained 4.1% to $103.51 a barrel, and the global benchmark Brent crude contract rose 3.4% to $117.06 a barrel. Henry Hub natural gas futures fell 5.8% to $2.64 per 1 million BTU.
In corporate news, Hess Midstream (HESM) shares rose 2.4% after Raymond James upgraded the stock to outperform from market perform, with a price target of $32 per share.
