01:58 PM EDT, 03/31/2025 (MT Newswires) -- Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 0.7% and the Energy Select Sector SPDR Fund (XLE) up 0.9%.

The Philadelphia Oil Service Sector index was little changed, and the Dow Jones US Utilities index was up 0.3%.

Front-month West Texas Intermediate crude oil popped 3.1% to $71.52 a barrel, and the global benchmark Brent crude contract was advancing 1.5% to $74.75 a barrel. Henry Hub natural gas futures were 0.7% higher at $4.09 per 1 million BTU.

In corporate news, Enlight Renewable Energy ( ENLT ) shares rose 0.8% after the firm secured $773 million in debt funding for its Country Acres project near Sacramento, California.

Equinor ( EQNR ) shares advanced 1.1% after the company said the Johan Castberg oil field, which it operates with a 46.3% ownership stake, has started production.

Shell (SHEL) subsidiary Shell Eastern Trading said it completed the acquisition of Pavilion Energy's liquefied natural gas assets from Carne Investments. Shell was up 0.2%.