Travel stocks sink after thousands of flights grounded following Iran strikes
CNBC
Airlines and some hotel stocks fell after the U.S.-Israeli attacks on Iran and subsequent retaliation strikes.
Airline and travel stocks fell Monday after airspace closures throughout the Middle East forced carriers to cancel thousands of flights, disrupting trips as far as Brazil and the Philippines. Oil prices also spiked, driving up airlines' biggest cost after labor.
United Airlines, which has the most international exposure of the U.S. carriers, was down 6% in premarket trading. Service to Tel Aviv, Israel, one of the airline's most profitable routes, was halted, but airlines were also was forced to pause flights to Dubai, in the United Arab Emirates, one of the busiest airport hubs in the world. Dubai is also a home base for airline Emirates.
Shares of Delta Air Lines and American Airlines were also each off about 6%. Flights through the Middle East were grounded including to destinations like Tel Aviv.
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