Airline Shares Slide as Oil Prices Soar

Shares in JetBlue Airways Corp. and Continental Airlines slid about 10 percent on Monday, leading a decline in airline stocks on concern about crude oil prices breaking the $70 barrier.

JetBlue, a one time investor darling, was down 95 cents, or 9.5 percent, at $9.48, just off a 3 1/2-year low touched earlier in the session. JetBlue shares are down 38 percent so far this year. Continental Airlines, which has been this year´s hottest airline stock, was $3.20, or 11.7 percent lower, at $24.17.

AMR, the parent company of American Airlines, the No. 1 U.S. carrier, was down $2.32, or 9 percent, at $23.58, and the industry-wide Amex Airlines index was down 6 percent, its steepest decline in three months.

U.S. crude oil prices topped $70 last week, the highest level in nearly eight months, as Iran´s pursuit of its nuclear program heightened fears the U.S. might take military action again the oil-producing nation.