Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%.

The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index increased 0.3%.

Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump said in a social media post on Wednesday. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.

Front-month West Texas Intermediate crude oil rose 3.3% to $91.08 a barrel, and the global benchmark Brent crude contract added 2.7% to $93.94 a barrel. Henry Hub natural gas futures advanced 1.8% to $3.20 per 1 million BTU.

In corporate news, Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.6%, and Equinor climbed 3.6%.