Energy stocks were rising pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 3.7%.

The United States Oil Fund (USO) was 7.5% higher and the United States Natural Gas Fund (UNG) was up 4.2%.

Front-month US West Texas Intermediate crude oil was up 7.3% at $71.88 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 8.3% to $78.93 per barrel, and natural gas futures were 4.6% higher at $2.99 per 1 million British Thermal Units.

Venture Global (VG) shares were up more than 14% after the company posted higher Q4 net income and revenue. Venture Global also said it signed a binding agreement to supply Trafigura with approximately 0.5 million tonnes of US liquefied natural gas annually for 5 years starting in 2026.

Shares of major oil companies were advancing in premarket hours as crude prices rose amid escalating tension in the Middle East. Among the top movers are shares of Exxon Mobil (XOM), which were up more than 4% and Chevron (CVX) with an increase of over 3%.

Stocks of oilfield service providers and refiners also rose, including Schlumberger (SLB) with a 3% rise and Halliburton (HAL) with nearly a 4% gain.