Breaking Update: Here’s a clear explanation of the latest developments related to Breaking News:US-Israel Attacks Iran Live: Smoke rises over US embassy in Kuwait, Bahrain base reportedly hit again– What Just Happened and why it matters right now.
Airline shares plunged on Monday, with Hong Kong’s Cathay Pacific, Australia’s Qantas Airways, Singapore Airlines and Japan Airlines down more than 5 per cent after the U.S. and Israel launched weekend strikes on Iran, disrupting travel and sending oil prices surging.
Global air travel remained in turmoil as war in Iran forced the closure of key Middle Eastern hubs including Dubai and Doha for a third day, stranding tens of thousands of passengers worldwide.
Shares in Qantas fell 10.4% to the lowest level in 10 months, while shares in other Asian carriers, including Japan’s ANA, Air China, China Southern Airlines, China Eastern Airlines Malaysia’s AirAsia X and Taiwan’s China Airlines and EVA Airways all fell at least 4%.
Cathay Pacific, whose shares fell as much as 7% before paring losses to 2.9%, said it had cancelled all of its flights to the Middle East, which include passenger services to Dubai and Riyadh, until further notice.
Singapore Airlines cancelled flights to and from Dubai through March 7, while Japan Airlines suspended its Tokyo-Doha flights for the time being.
Air India said its flights between India and Zurich, Copenhagen and Birmingham were cancelled on Monday alongside those to the United Arab Emirates, Saudi Arabia, Israel and Qatar. It added that Air India flights to New York and Newark would stop in Rome to refuel.
(Reuters)