SYDNEY/HONG KONG: Asian airline shares extended losses on Tuesday as the U.S. and Israeli war against Iran escalated, with carriers closely monitoring fuel price spikes and many seeing a surge in bookings as passengers switch from Middle Eastern airlines.
Qantas Airways CEO Vanessa Hudson said the airline had "pretty good" fuel hedging in place but the spike in oil prices amid the conflict between the U.S., Israel and Iran was significant for the aviation industry.
"We've got pretty good hedging in place, but these are pretty significant impacts on aviation and we're just continuing to watch how it all unfolds," she said at the Australian Financial Review's business summit as the airline's shares fell for a second day, trading as much as 3.9% lower.
Oil prices have surged amid the widening Middle East conflict, potentially driving up the cost of jet fuel and hurting airlines' profits.
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