Qantas' shares fall more than 10% on US-Iran conflict
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Published Mon, Mar 2, 2026 · 08:51 AM
SHARES of Australia’s flag carrier Qantas Airways slumped more than 10 per cent to their lowest level in 10 months on Monday after the US and Israel launched large-scale strikes on Iran over the weekend, sending oil prices surging.
The firm’s shares fell as much as 10.4 per cent to A$8.92 each when the Australian market opened on Monday, the lowest level since May 2, 2025, before paring some losses to trade down 5.8 per cent by 2345 GMT.
Global air travel remained in turmoil on Sunday as war in Iran forced the closure of key Middle Eastern hubs including Dubai and Doha for a second day, stranding tens of thousands of passengers worldwide and disrupting thousands of flights.
Shares of Virgin Australia, Australia’s No. 2 airline, slipped as much as 3.5 per cent on Monday to A$3.03 per share to hit their lowest in nearly a month, before recouping losses to gain around 1.9 per cent.
Shares of Air New Zealand fell as much as 0.5 per cent to NZ$0.553 each, slipping to their lowest level since April 7, 2025, before paring losses to trade flat. REUTERS
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