Travel stocks fall after thousands of flights are grounded

Airlines and travel stocks fell on Monday after airspace closures across the Middle East forced airlines to cancel thousands of flights, disrupting flights as far as Brazil and the Philippines.

United Airlineswhich has the largest international exposure of U.S. airlines, fell 6% in pre-market trading. Service to Tel Aviv, Israel, is one of the airline’s most profitable routes, but airlines have also been forced to temporarily halt flights to Dubai, in the United Arab Emirates, one of the world’s busiest airport hubs.

Dubai is the main base of Emirates Airlines.

shares Delta Airlines and American Airlines They were also each at a discount of about 6%. Flights have been suspended across the Middle East including to destinations such as Tel Aviv.

Other transportation companies such as Southwest AirlinesMore US-focused stocks saw smaller stock moves, but stocks continued to decline as investors weighed a potential rise in oil prices. Fuel is generally the largest cost for airlines after labor.

Hotel chains also fell Marriott International and Hilton International Holdings under.

International travel has been a bright spot in the travel sector. Demand for international air travel in January jumped 5.9% from a year ago, while demand for domestic flights remained roughly flat, the International Air Transport Association, an airline industry group, said in a report Monday.