Stocks in the energy sector rose as Brent crude surpassed $106 a barrel amid dimming hopes of a reopening of the Strait of Hormuz.

U.S. natural gas futures rose sharply as TC Energy declared force majeure on a pipeline in West Virginia after detecting a leak. Nymex natural gas rose 9.1% to $3.297/mmBtu, its biggest single-day gain since January and highest close in three months. The outage affects an estimated 1.8 Bcf/d of natural gas from Appalachia.

Schneider Electric plans to launch a takeover bid for smart-device maker Shelly Group that values the company at around 1.2 billion euros ($1.37 billion). The two companies said they have entered an investment agreement in connection with a 70-euro-a-share offer. Shelly Group shares closed Wednesday at 64.40 euros. The deal "would be in the interests of the company, its shareholders, employees and other stakeholders," Shelly said in a statement. Schneider Electric said the acquisition would combine its technology offer across residential, retrofit and small commercial buildings with Shelly's software-led home energy platform.