Raytheon Technologies Rises 1.3% as Crude Oil Nears $120 Tests Yearly High
Brent crude jumped 22.99% to $114.00 and WTI climbed 1.20% to $110.17, testing 52-week highs near $120 and triggering broad market declines. Raytheon Technologies shares rose 1.28% driven by expected surge in missile defense orders as geopolitical tensions in the Persian Gulf escalated.
1. Oil Price Surge
Brent crude jumped 22.99% to $114.00 and WTI rose 1.20% to $110.17, testing 52-week highs near $120 after drone strikes and regional unrest threatened shipping routes through the Strait of Hormuz.
2. U.S. Equity Movements
Dow Jones futures fell over 1,000 points, with S&P 500 and Nasdaq 100 futures down around 2%, as investors rotated out of travel and industrial names into defense and energy plays.
3. Raytheon Technologies Gains
Shares of Raytheon Technologies climbed 1.28% on expectations of increased missile defense system orders from Middle East governments seeking to bolster regional security.
4. Geopolitical Tensions Driving Demand
The appointment of a new Supreme Leader in Iran and subsequent retaliatory strikes have heightened risk perceptions, supporting higher energy prices and defense spending forecasts.