Energy futures rally on supply concerns

Energy futures surged on supply concerns, driven by Middle East conflict. On July 9, energy futures rallied, with oil up 0.34% at $70.86 and Brent gaining 0.34%. Gold and silver futures also rose, while copper dipped slightly. This was partly due to escalating tensions in the Middle East, which could disrupt oil supply.

The rally impacted energy companies and utilities. Sembcorp Industries' half-year results were likely affected by higher energy prices. Meanwhile, Federal Reserve Bank of New York President John Williams noted that while energy prices might temporarily rise, he didn't expect a sustained surge over the remainder of the year.

Upcoming catalysts to watch include: 1) Sembcorp Industries' half-year results, due out soon, which will provide insight into the impact of higher energy prices on the company's earnings. 2) Further developments in the Middle East conflict, which could drive energy prices and impact related stocks. 3) The Fed's next policy meeting in late July, where energy price expectations may influence monetary policy discussions.