US energy stocks gain as oil prices stabilize amid Ukraine ceasefire discussions

S&P 500 energy index .SPNY rises ~2%, as oil prices are set to end the week more or less stable from last Friday O/R

Brent crude futures LCOc1 up 0.5% at $70.28/barrel; U.S. West Texas Intermediate crude futures CLc1 up 0.7% at $67.07/barrel

Oil prices rose after a more than 1% loss in the previous session, as investors weighed the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets

Russian President Vladimir Putin said on Thursday that Moscow supported a U.S. proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting

Shares of oil and gas majors Exxon Mobil XOM.N up 1.9% and Chevron CVX.N rise 1.5%

SLB SLB.N, Coterra Energy CTRA.N, Williams Companies WMB.N and Targa Resources TRGP.N up between 2.8% and 4.1%; among the top percentage gainers on the energy index

Oilfield services companies Baker Hughes BKR.O and Halliburton HAL.N up 2.7% and 2.5%, respectively

Refiners Phillips 66 PSX.N up 2.8% and Valero Energy VLO.N up 2%