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Airline shares battered as oil prices top US$100 a barrel
March 10th 2026
The price of crude oil has jumped above US$100 a barrel amid the ongoing conflict in the Gulf region as market watchers express concern the Israel-US war with Iran will lead to energy shortages around the world. Read More » The price of Brent crude, which the international market uses as a benchmark for oil prices, has risen about 30% over the past five days and peaked at close to US$120 a barrel yesterday (March 9). Fuel represents the largest single cost for airlines and accounts for anywhere between 20% and 30% of operating expenses. "The conflict in the Middle East that escalated on 28 February 2026 has severely disrupted global energy flows, exposing deep vulnerabilities in jet fuel security," the International Air Transport Association (IATA) said on the weekend. Airline shares were under pressure across the Asia-Pacific yesterday, extending declines recorded since the conflict began last week. In Japan, ANA Holdings and Japan Airlines fell 3.1% and 3.5%, respectively while in Australia Qantas Airways finished down 4.5% and Virgin Australia dropped 5.5%. Across Southeast Asia, Malaysia-headquartered AirAsia X tumbled 14.1% and Garuda Indonesia shed 9%, while Singapore Airlines posted a milder 2.4% decline.
