Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 2.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%.

The Philadelphia Oil Service Sector Index was climbing 1.1%, and the Dow Jones US Utilities Index was up 0.5%.

Crude oil prices rose amid reports that President Donald Trump will reinstate a blockade on Iranian ships transiting the Strait of Hormuz. Trump said Monday that Iranian ships will no longer be able to travel through the Strait of Hormuz and that America would charge a 20% toll on eligible cargo, escalating tensions after a weekend of attacks by both nations to assert control of the critical waterway, the Associated Press reported. The US launched several waves of heavy strikes on Iran into Monday morning, hitting some 140 targets, in response to an Iranian attack on a container ship in the Strait of Hormuz, the news report said. Iran retaliated by targeting countries across the Middle East, it added.

Front-month West Texas Intermediate crude oil jumped 5.9% to $75.64 a barrel, and the global benchmark Brent crude contract climbed 6% to $80.58 a barrel. Henry Hub natural gas futures fell 1.2% to $2.91 per 1 million BTU.

In corporate news, Shell (SHEL) said Monday its Shell Overseas Investment signed a deal to sell 100% of Solenergi Power to Aditya Birla Renewables Limited for $1.8 billion. Shell shares were up 1.9%.