Airline Shares Plummet Amid Middle East Conflict, Stranding Global Passengers

Shares of airlines including Australia's Qantas, Singapore Airlines, and Japan Airlines fell over 5% as strikes by the U.S. and Israel on Iran heightened tensions and sent oil prices soaring. The conflict has significantly disrupted global air travel, notably impacting key hubs in Dubai and Doha and leaving thousands of passengers stranded.

The hostilities in the Middle East have caused an 8% spike in oil prices. As a result, Qantas shares dropped by 10.4% in early trade but later recovered slightly. Although Qantas does not operate in key Middle Eastern airports, it is allowing passengers free booking changes due to the ongoing situation.

Passengers at Sydney Airport expressed frustration at Qatar Airways' lack of communication, following canceled flights and unexpected alterations to flight plans. Affected passengers reported chaos and a shortage of information as authorities tried to manage the crisis.