Energy stocks declined late Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.7%.

The Philadelphia Oil Service Sector Index was climbing 3.5%, and the Dow Jones US Utilities Index was shedding 0.3%.

The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.

Front-month West Texas Intermediate crude oil fell 5.6% to $75.82 a barrel, and the global benchmark Brent crude contract dropped 5.2% to $79.39 a barrel. Henry Hub natural gas futures declined 3.8% to $2.68 per 1 million BTU.

In corporate news, NRG Energy (NRG) shares fell past 15%. The company reported Q2 adjusted earnings Tuesday of $1.49 per share, down from $1.73 a year earlier. Analysts polled by FactSet expected $1.69.