Travel chaos rippled across the Middle East and beyond on Monday, sending airline stocks plunging, as carriers across the Persian Gulf extended widespread flight suspensions, disrupting operations at some of the world’s busiest airports.
Emirates, the world’s largest international airline, paused all flights to and from Dubai until 3 p.m. local time Tuesday, warning of continued disruptions through Thursday.
Etihad Airways extended cancellations until 2 p.m. Monday, while Qatar Airways suspended flights to and from Doha due to Qatari airspace closures.
The disruptions spread across Asia, with Cathay Pacific Airways Ltd. canceling certain flights to the Middle East through March 5, while India’s IndiGo extended suspensions through Tuesday.
In Europe, major airline shares tumbled over fears that the conflict could curb travel just as the industry enters the critical summer season.
Deutsche Lufthansa AG fell up to 11 per cent, British Airways’ parent IAG SA dropped as much as 13 per cent, and Air France-KLM slid 10 per cent in early trading.
The conflict is also driving oil prices higher, raising fuel costs—the largest single expense for airlines.
Additionally, closed airspace is forcing many planes to take longer routes, further increasing operating costs.
US President Donald Trump said the bombardment of Iran would continue until its stated objectives were met, comments that helped send airline stocks sharply lower as markets absorbed the effects of widespread flight cancellations, airspace closures and prolonged travel disruptions linked to the conflict
Cathay Pacific shares tumbled up to 7 per cent at the Hong Kong open, Singapore Airlines fell as much as 7.5 per cent,and Qantas Airways dropped up to 10 per cent.
Several Gulf airports were caught in the crossfire as Iran launched missiles and drones across the region in retaliation for Saturday’s Israeli and US airstrikes.
At Abu Dhabi Airport, authorities reported one death and several injuries after intercepting an Iranian drone overnight.
Dubai’s main airport, the world’s busiest international hub, suffered concourse damage that injured four staff members.
