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Delta Air Lines shares tumbled 3.2%, extending their losing streak to a third straight session.
US has implemented a naval blockade at the Strait of Hormuz, blocking Iranian port access.
KEY POINTS
- Crude oil prices have surged over 40% since early March due to supply disruption fears.
- Airline stocks fell sharply as fuel costs, over 50% of expenses, are directly impacted by oil prices.
- Iran now threatens all ports in the Persian Gulf and Gulf of Oman in response to US actions.
- US aims to cut off Iran's oil revenue by controlling the Strait, risking further oil price spikes.
COMPANIES
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