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Asian airline shares fall as Gulf war disrupts travel, lifts oil prices

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Shares of Qantas Airways, Singapore Airlines and Japan Airlines fell over 5% as Middle East airspace closures stranded travellers worldwide.

SYDNEY: Shares in Australia’s Qantas Airways, Singapore Airlines and Japan Airlines were down more than 5% on Monday after the US and Israel launched large-scale strikes on Iran over the weekend, disrupting travel and sending oil prices surging.

Global air travel remained in turmoil on Monday as war in Iran forced the closure of key Middle Eastern hubs including Dubai and Doha for a third day, stranding tens of thousands of passengers worldwide and disrupting thousands of flights.

Oil prices surged more than 8% to their highest in months as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region.

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