Shares of International Consolidated Airlines Group SA (LSE:IAG) dropped more than 5% on Monday after escalating tensions in the Middle East over the weekend led to significant disruption across global flight networks.
Multiple airports across the region — including Dubai, Doha and Abu Dhabi — were temporarily closed, with Dubai International Airport, the world’s busiest hub for international passenger traffic, among those impacted.
The closures caused widespread travel disruption on Sunday, forcing airlines to cancel or reroute flights and leaving large numbers of passengers stranded as operations were suspended.
British Airways, the UK flag carrier owned by IAG, cancelled flights to Tel Aviv and Bahrain until at least Wednesday and warned that services between London Heathrow and several Middle Eastern destinations, including Abu Dhabi and Dubai, could continue to face disruption for several days.
Shares in UK low-cost airline EasyJet PLC (LSE:EZJ) also declined, falling 3.6% as of 11:25 GMT.
European airline stocks broadly moved lower, with Wizz Air Holdings PLC (LSE:WIZZ) dropping more than 6%, Deutsche Lufthansa AG (TG:LHA) falling 6%, and Air France KLM SA (EU:AIR) sliding over 9%.
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