In Asia, shares of Japan Airlines fell by 3.7%, while shares of ANA Holdings decreased by 2.8%, and the same applies to the shares of Air Arabia – the only company listed on the Gulf stock exchanges – by about 10%, marking its largest drop since the global financial crisis.
In America, early trading on the U.S. market recorded a decline in shares of major airlines, including American Airlines Group, United Airlines Holdings, and Delta Airlines, by more than 4%.
The drop in global airline shares in the stock markets is attributed to fears of rising travel costs due to significant expectations of rising fuel prices resulting from increased oil prices, not to mention these companies changing their routes to longer paths that consume a lot of fuel.