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WTI crude fell more than 14% to about $81 a barrel and Brent dropped 10% to roughly $89.
A 14% drop in WTI crude sharply improves United Airlines' near-term jet fuel cost outlook.
KEY POINTS
- Iran's reopening of the Hormuz Strait reduced geopolitical risk, easing fears of sustained fuel-cost pressure.
- United Airlines is trading 10.3% above its 20-day SMA, indicating short-term technical strength.
- United's upcoming earnings estimate is $1.09 EPS and $14.35 billion revenue, both up year over year.
- Analyst consensus maintains a Buy rating with a revised average price target of $131.33.
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