03:47 PM EDT, 03/31/2025 (MT Newswires) -- Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index gaining 0.9% and the Energy Select Sector SPDR Fund (XLE) adding 1.3%.

The Philadelphia Oil Service Sector Index advanced 0.7%, and the Dow Jones US Utilities index climbed 1.5%.

West Texas Intermediate crude oil jumped 3.1% to $71.51 a barrel, and global benchmark Brent advanced 2.5% to $74.74 a barrel. Henry Hub natural gas futures gained 1.5% to $4.12 per 1 million BTU.

In sector news, the White House is considering an executive order to expedite deep-sea mining permits, potentially bypassing the United Nations-backed International Seabed Authority, Reuters reported.

In corporate news, GE Vernova ( GEV ) is partnering with the Massachusetts Institute of Technology to advance energy technologies. GE Vernova ( GEV ) shares rose 0.5%.

Enlight Renewable Energy ( ENLT ) shares rose 1.2% after the firm received $773 million in debt funding for its Country Acres project near Sacramento.

Equinor ( EQNR ) shares advanced 2% after the company said the Johan Castberg oil field, which it runs with a 46% ownership stake, started production.

Shell (SHEL) subsidiary Shell Eastern Trading completed the acquisition of Pavilion Energy's liquefied natural gas assets from Carne Investments. Shell stocks climbed to 0.8%.