Energy stocks gained late Tuesday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding 0.8%.

The Philadelphia Oil Service Sector Index climbed 2.3%, and the Dow Jones US Utilities Index increased 0.3%.

Oil prices rose as a faltering ceasefire between the US and Iran kept the Strait of Hormuz closed. Front-month West Texas Intermediate gained 4.3% to $102.28 a barrel, and global benchmark Brent advanced 3.4% to $107.78 a barrel.

Henry Hub natural gas futures fell 2.4% to $2.84 per 1 million BTU.

In corporate news, TotalEnergies (TTE) and its partners ConocoPhillips (COP) and QatarEnergy signed a memorandum of understanding Tuesday with Syrian Petroleum relating to the exploration of block 3, offshore Syria in the eastern Mediterranean Sea, the company said. TotalEnergies shares rose 1.1%, and ConocoPhillips added 1.9%.