Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.1%.

The Philadelphia Oil Service Sector Index was decreasing 0.9%, and the Dow Jones US Utilities Index fell 1%.

In geopolitical news, President Donald Trump said Iran will be hit hard, according to Fox News. The US Central Command said it joined Saudi Arabian Armed Forces to conduct strikes in Iraq against Iran-aligned terrorists that the Islamic Revolutionary Guard Corps directed to attack US forces and Saudi energy infrastructure.

Front-month West Texas Intermediate crude oil jumped 6.7% to $84.54 a barrel, and the global benchmark Brent crude contract surged 7.6% to $90.45 a barrel. Henry Hub natural gas futures rose 1.1% to $2.69 per 1 million BTU.

In corporate news, Carlyle (CG), Energean, Dragon Oil, and Artemis Energy are among the companies that are anticipated to bid for BP's (BP) West Nile Delta natural gas development off Egypt this week, Reuters reported. BP shares were up 4.2%.