BUZZ-Airlines, cruise operators slide as oil gains
United Airlines Holdings UAL | 0.00 | |
Norwegian Cruise Line Holdings Ltd. NCLH | 0.00 | |
Royal Caribbean Group RCL | 0.00 | |
Southwest Airlines Co. LUV | 0.00 | |
American Airlines Group Inc. AAL | 0.00 |
** Shares of major U.S. airlines and cruise operators fall as oil prices climb
** Norwegian Cruise Line Holdings NCLH.N sheds 2.3%, Royal Caribbean RCL.N slips 3%, Carnival Corp CCL.N down 2.4%
** American Airlines AAL.O, United Airlines UAL.O, Delta Air Lines DAL.N lose between 2.2% and 2.5% each
** Oil gains after reports of attacks on vessels near the Strait of Hormuz revived fears of disruptions to shipping
** Oil is crucial for airlines, cruise operators as it is the primary fuel source for aircraft and ships, making fuel costs one of their largest operating expenses
** Fuel costs for U.S. airlines jumped 85% in May to nearly $6.7 billion as the Middle East conflict drove up prices
** S&P Composite 1500 passenger airlines index .SPCOMAIR up 19.7% YTD vs 9.3% gain in the S&P 500 .SPX