Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.9%.

The Philadelphia Oil Service Sector Index increased 0.2%, and the Dow Jones US Utilities Index was fractionally higher.

In geopolitical news, the US Air Force is attacking Iranian targets located in the area around the Strait of Hormuz, Axios reporter Barak Ravid said Tuesday on X, citing US officials.

Front-month West Texas Intermediate crude oil jumped 4.4% to $89.49 a barrel, and the global benchmark Brent crude contract popped 3.8% to $93.91 a barrel. Henry Hub natural gas futures fell 1.3% to $2.90 per 1 million BTU.

In corporate news, Chevron (CVX) is finalizing a deal for the operating rights to two giant oil fields in Venezuela's Orinoco Belt, Bloomberg reported. Chevron shares rose 1.5%.