Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index dropping 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1.7%.

The Philadelphia Oil Service Sector Index slumped 3.5%, and the Dow Jones US Utilities Index was up 0.2%.

In sector news, ships have started sailing through the Strait of Hormuz under a new scheme by the International Maritime Organization to evacuate trapped vessels, a spokesperson told Reuters on Wednesday. The initiative will enable hundreds of ships with some 11,000 seafarers stranded in the Gulf to sail through Hormuz.

Front-month West Texas Intermediate crude oil fell 3.9% to $70.30 a barrel, and the global benchmark Brent crude contract dropped 4.1% to $73.89 a barrel. Henry Hub natural gas futures rose 1.5% to $3.20 per 1 million BTU.

In corporate news, XCF Global (SAFX) said Wednesday its New Rise Renewables Reno facility is progressing through final system validation and commissioning steps needed before initial production. Its shares were down over 7%.