Crude oil plunges over 7% on U.S.-Iran peace talk progress, lifting global airlines

Global airline shares surged after crude oil prices plunged more than 7%, driven by optimism over potential U.S.-Iran diplomatic talks mediated by Qatar. WTI crude dropped 7.36% to settle at $96.46 per barrel, while Brent crude dropped 7.63% to $104.77 per barrel, retreating from multi-month highs near $110. The commodities sell-off eased severe fuel cost pressures across the aviation sector. JetBlue led U.S. carriers with an 11% to 11.6% jump, followed by gains of 4% to 7% across American, Delta, and Southwest, while Australian and Chinese carriers subsequently rallied up to 7%.