Alaska Air Group Inc. shares surged more than 12 percent in morning trading Friday as plunging oil prices following the Middle East ceasefire delivered welcome relief to fuel-burdened airlines and boosted sentiment across the sector ahead of the carrier's first-quarter earnings next week.
At 10:15 a.m. EDT, Alaska Air Group stock (NYSE: ALK) traded at $46.49, up 12.91 percent or $5.35 from Thursday's close. The sharp gain came on heavy volume as benchmark crude futures dropped sharply on reports that Iranian assurances would keep the Strait of Hormuz open to commercial traffic, easing fears of prolonged supply disruptions that had driven jet fuel costs dramatically higher in recent weeks.
