Commodities
Airline Stocks Plummet as Brent Crude Approaches $110 Barrel
Airline and oil marketing company stocks plummeted up to 5% as Brent crude approached $110 a barrel due to escalating Middle East supply concerns.
The price surge sent airline shares, including SpiceJet, HPCL, and IndiGo, into a tailspin. Jet fuel accounts for a significant portion of an airline's operating costs, making them highly sensitive to oil price fluctuations.
Oil marketing companies like HPCL also took a hit as they face margin pressure when crude prices spike faster than regulated retail fuel prices.