'Airfares are likely to rise': Rising jet fuel costs send airline stocks reeling [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
Shares of Delta Air Lines ( DAL ) dropped 5% before paring losses while American Airlines ( AAL ) declined as much as 6% and United Airlines ( UAL ) fell as much as 7%. Investors priced in the impact that $100-per-barrel oil will have on jet fuel costs, which account for between one-fifth to a quarter of airlines' overall costs. On Monday, oil prices surpassed $110 per barrel for the first time since since 2022 as traffic in the critical Strait of Hormuz remained at a standstill as a result of the Iran war. The cost of jet fuel has risen by as much as $1.75 per gallon in recent weeks, meaning US major airlines could each be facing around $1.5 billion or more in quarterly fuel costs, according to GasBuddy data. Delta Air Lines, Inc. (DAL) "Across the three largest airlines, that could translate to nearly $5 billion in additional expenses," said Patrick De Haan, GasBuddy head of petroleum analysis, on Monday. "Airfares are likely to rise in the months ahead, even if oil price
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