Airline and travel stocks have taken a tumble after airspace closures throughout the Middle East forced carriers to cancel thousands of flights.
According to Reuters, travel shares have shed US$22.6 billion after the United States and Israel bombed Iran.
Cruise line stocks also fell, with Royal Caribbean Cruises dropping 3% and Carnival Corp losing more than 7%.
Norwegian Cruise Line Holdings' stock also dropped 10% after its earnings call disappointed investors.
Elliott Investment Management said last month that it had built a more than 10% stake in the company and that it’s seeking changes.
Oil prices are also set to surge as the shutdown of the world’s biggest export facility in Ras Laffan could result in the loss of almost 20% of the global LNG supply.
Drivers are being encouraged to fill up petrol now amid the closure of the Strait of Hormuz.
United Airlines, which has the most international exposure of the U.S. carriers, fell nearly 3%. Services to Tel Aviv, Israel, which is one of the airline’s profitable routes, were halted.
American Airlines' shares fell 4%, and Delta Air Lines dropped 2%.
More than 11,000 Middle East flights have been cancelled since the U.S.-Israeli strikes this weekend, according to aviation-data firm Cirium.
