00:01Travel shares fell sharply on Monday as escalating conflict between the US, Israel and Iran disrupted flights around the globe.
00:09Key Middle Eastern hubs were forced to close because of the conflict, which has sent oil prices surging to their
00:15highest in months.
00:16Airports including Dubai, the world's busiest international hub, and Doha closed for a third day.
00:22Data provided to Reuters shows more than 2,000 flights to major airports in the region have been cancelled,
00:29with that number expected to rise.
00:32Tens of thousands of passengers are stranded in one of the sharpest aviation shocks in recent years.
00:38Shares in Tui, Europe's largest travel company, plummeted 7% in early trade.
00:43British Airways owner IAG was down 9%, while Lufthansa and Air France KLM also dropped.
00:50Many Asian airlines suffered losses as Chinese airlines had cancelled over 25% of flights to and from the Middle
00:57East,
00:57according to a data provider.
00:59US airline shares dropped around 5% in pre-market trading.
01:03Analysts cited rising fuel costs, cancellations and rerouting expenses as the main pressure points for airlines,
01:10despite most having hedged their fuel.
01:13Indian carriers were said to be particularly exposed due to heavy Middle Eastern schedules
01:18and a ban on using Pakistan's airspace on flights to and from Europe.
01:22Cathay Pacific fell sharply before trimming losses and said it would waive rebooking fees for affected customers.
01:29The ripple effects have hit travelers worldwide.
01:32Dubai was the world's busiest international airport in 2024 with 92 million passengers, according to data,
01:38while Doha ranked 10th.
01:40Doha ranked 10th.
01:41Doha ranked 10th.
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