Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.

The United States Oil Fund (USO) was up 2.8% and the United States Natural Gas Fund (UNG) was 0.1% lower.

Front-month US West Texas Intermediate crude oil was 2.4% higher at $80.86 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.3% to $86.16 per barrel, and natural gas futures were up 0.7% at $2.88 per 1 million British Thermal Units.

ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.