Crude oil spike hits US airline sector

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/8f3ff9da-f243-...z34RwqnMV6

US airline stocks continued on a sudden turbulent decline as sectarian violence across Iraq sent crude oil prices to a three-month high.

The price of Brent crude oil, the international standard that many airlines hedge against, jumped 1.9 per cent to $112.14 per barrel while spot jet fuel rose 1.8 per cent to $291.08 a barrel as Kurdish forces said they took control of the key oil city of Kirkuk.

[left][color=rgb(0, 0, 0)]High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.  [/color]http://www.ft.com/cms/s/0/8f3ff9da-f243-...z34RwvNf9W[/left]Shares of American Airlines fell 6 per cent to $39.95, United Continental declined 6 per cent to $42.60, Delta dropped 5 per cent to $38.67, and Southwest slid 4 per cent to $25.76.
Strategists on Wall Street have pointed to the tension for weakness in the broader market as well, which preceded weaker than expected economic data in the US.

Time get a fcuking Prius and give the middle finger to these oil thieves. >