Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index dropping 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1.3%.

The Philadelphia Oil Service Sector Index was up 0.5%, and the Dow Jones US Utilities Index was shedding 0.2%.

Front-month West Texas Intermediate crude oil decreased 0.8% to $102.08 a barrel, and the global benchmark Brent crude contract dropped 2.6% to $104.56 a barrel. Henry Hub natural gas futures increased 0.2% to $2.89 per 1 million BTU.

In sector news, US gasoline prices surged past $4 per gallon on Tuesday, lifting fuel costs for households and businesses as oil shipments through the Strait of Hormuz remained largely disrupted. The average price at the pump nationwide rose to $4.018 from Monday's $3.990 and $2.982 a month ago, according to data from AAA, a travel organization that tracks fuel prices in the country. That is the highest level since August 2022, CNBC reported.

In corporate news, Exxon Mobil (XOM) executives continued to highlight the potential of a $500 million algae biofuel project to investors in early 2020 even after internal scientists warned the initiative was failing to meet its targets, The Wall Street Journal reported Tuesday. Exxon shares were down 1.1%.

Suncor Energy (SU) said Tuesday it plans to increase shareholder returns and expand production under a new three-year plan, including raising annual share repurchases by more than 20% to 4 billion Canadian dollars ($2.87 billion) in 2026. Its shares were fractionally higher.

New Fortress Energy (NFE) said Tuesday that its Brazil platform has signed a long-term lease and capacity agreement for its Terminal de Gas Sul liquefied natural gas import terminal in Santa Catarina, Brazil. New Fortress shares gained 2%.

TotalEnergies (TTE) said Tuesday it will extend the cap on petrol prices at 1.99 euros ($2.29) per liter and diesel prices at 2.09 euros per liter across its 3,300 service stations in France until April 7. TotalEnergies shares rose 0.4%.