New Delhi, March 2 -- Global airline stocks such as Hong Kong's Cathay Pacific, Malaysia's AirAsia X, Singapore Airlines and Australia's Qantas Airways plunged up to 12% in intraday deals on Monday, March 2, as the war between the US and Iran inflicted adouble-whammy for aviation companies.

The Middle East conflict not only led to a spike in crude oil prices - a key input cost for the airlines - but also caused travel disruptions, forcing air closures and cancellations of flights as key Middle Eastern hubs, including Dubai and Doha, remained shut.

Crude oil prices surged to their highest since January 2025, as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region -...