Airline, cruise stocks climb as oil prices tumble on Mideast de-escalation hopes
JETS•Cruise operators also add as fuel costs ease
Cruise operators Norwegian Cruise Line Holdings NCLH.N, Royal Caribbean RCL.N and Carnival Corp CCL.N added between 2.8% and 3.2%.
Brent crude futures fell more than 7% to their lowest since July 21. Fuel costs are among the largest operating expenses for airlines and cruise operators.
Airline index remains under pressure this month
The S&P Composite 1500 Passenger Airlines Index .SPCOMAIR has fallen more than 11% this month so far.
Airline and cruise shares rise in premarket trading
Shares of major U.S. airlines and cruise operators gained in premarket trading as oil prices slid after the U.S. and Iran paused fighting over the weekend.
American Airlines AAL.O, United Airlines UAL.O, Delta Air Lines DAL.N and Southwest Airlines LUV.N gained between 3% and 3.9%.
