Airline stocks decline as crude oil prices surge

Shares of airline companies came under pressure as crude oil prices climbed sharply amid escalating geopolitical tensions in the Middle East.

InterGlobe Aviation slipped 2.04%, while SpiceJet declined 1.48%.

Brent crude rose 4.54% to $97.32 per barrel after reports indicated that Israel had struck military targets in Iran following missile attacks by the Islamic Republic.

The increase in crude oil prices weighed on investor sentiment toward airline stocks, as aviation turbine fuel is one of the largest operating costs for carriers. Higher fuel prices can increase operating expenses and potentially impact profitability.

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