Indian airline stocks dive as Middle East war triggers oil price spike

Spicejet

02/03/2026 05:10

Updates

** Shares of Indian carriers IndiGo INGL.NS and SpiceJet SPJT.BO drop 4.3% and 5.4%, respectively

** Middle East conflict pushes crude prices higher, with Brent crude futures climbing to about $82.40 a barrel, their highest in 14 months O/R

** Higher crude prices impact airlines as it is the key component of jet fuel

** Moreover, Jefferies highlights ongoing conflict to hit travel demand, with Middle East accounting for 35-40% of INGL's international capacity and 10-12% of total capacity

** YTD, INGL down 8.7% vs SPJT's 48.8% slump

 (Reporting by Kashish Tandon in Bengaluru)

 ((Kashish.tandon@thomsonreuters.com))