India, March 6 -- Oil prices surged Thursday, battering US and European airline shares after US-Israeli strikes on Iran disrupted global aviation and spiked jet fuel costs. Dubai International Airport saw takeoffs more than double Wednesday per Flightradar24, signaling tentative restarts at the world's busiest hub, though traffic lags far below normal. Asian carriers gained some ground amid re-routings.

Why Did US and European Airline Stocks Plunge Thursday? US-Israeli strikes on Iran roiled markets, pushing oil higher and jet fuel to Singapore's all-time high, per S&P Global Platts. Southwest (LUV.N), American (AAL.O), Delta (DAL.N), United (UAL.O), and Alaska (ALK.N) dropped 5-9%; NYSE Arca Airline index fell 6%. Europe saw Air France ...