The Philadelphia Oil Service Sector Index dropped 0.3%, and the Dow Jones US Utilities Index fell 0.6%.

Oil prices surged amid concerns that a US-Israel war against Iran will disrupt crude supplies. The US and Israel launched military strikes across Iran on Saturday, killing Tehran's Supreme Leader, Ayatollah Ali Khamenei. Iran retaliated by targeting US military bases across a number of countries in the Middle East, according to several media outlets.

West Texas Intermediate crude oil jumped 8.1% to $72.43 a barrel, and global benchmark Brent soared 9.1% to $79.48 a barrel. Henry Hub natural gas futures climbed 4.3% to $2.98 per 1 million BTU.

In corporate news, Equinor (EQNR) shares climbed 6.9% after the company and its partners made a commercial oil discovery in the Snorre area in the North Sea, with plans for a "rapid and cost-effective" development.

Venture Global (VG) has one of the largest volumes of uncontracted liquefied natural gas cargoes and can deploy its fleet of vessels as Middle East tensions and a halt in Qatari production tighten global markets, Chief Executive Mike Sabel said Monday. Venture Global shares jumped past 16%.

Chevron (CVX) said Monday its Leviathan offshore gas field has temporarily shut production following instructions from Israel's Energy Ministry. Chevron shares were up 1.6%.

AES (AES) agreed to be acquired and taken private by a consortium that includes BlackRock's (BLK) Global Infrastructure Partners, in a deal with an equity value of $10.7 billion. AES shares fell more than 17%.

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