US airline stocks climb as crude oil prices drop over $3

Shares of US airlines rose on Wednesday after crude oil prices fell more than $3 per barrel, reducing concerns about fuel costs, which represent a major expense for carriers.

JetBlue Airways (NASDAQ:JBLU) advanced 7%, while Alaska Airlines (NYSE:ALK) gained 4%. American Airlines (NASDAQ:AAL) rose 3.5% and Southwest Airlines (NYSE:LUV) increased 2.4%. Delta Airlines (NYSE:DAL) and United Airlines (NASDAQ:UAL) climbed about 2.6% and 3.6%, respectively.

Investors are monitoring Washington’s next steps regarding the Iran war following the Republican party’s loss of control of Congress in the midterm elections.

The Dow Jones US airlines sub-index is up 1.1% year-to-date, including Wednesday’s gains.