Energy stocks fell Tuesday afternoon with the NYSE Energy Sector Index shedding 0.8% and the Energy Select Sector SPDR Fund (XLE) dropping 0.7%.

The Philadelphia Oil Service Sector Index declined 1%, and the Dow Jones US Utilities Index rose 0.1%.

West Texas Intermediate crude oil lost 2.3% to $63.29 a barrel, and global benchmark Brent dropped 2.3% to $67.24 a barrel. Henry Hub natural gas futures fell 0.1% to $2.69 per 1 million BTU.

In corporate news, BW LPG (BWLP) shares dropped 5.8% after the company reported a decline in Q2 earnings.

Energy Fuels (UUUU) shares jumped 13% after the company signed a memorandum of understanding with Vulcan Elements to collaborate on building a domestic supply chain for rare earth magnets.

Oklo (OKLO) is well positioned to address the looming data center power crunch driven by artificial intelligence, BofA Securities said. BofA started coverage of Oklo with a buy rating and $92 price objective. Oklo shares rose 3.6%.