Cruise operator stocks surge as oil prices drop on Iran ceasefire

Investing.com -- Shares of major U.S. cruise operators jumped Wednesday morning following a sharp decline in crude oil prices after the United States and Iran agreed to a two-week ceasefire.

Carnival shares rose 13.8%, Norwegian Cruise Line Holdings climbed 12.2%, and Royal Caribbean Cruises gained 10.8% shortly after market open.

The stock movements followed a sharp decline in crude oil prices. WTI crude futures traded over 17% lower in the $93.6 range after President Trump and Iran agreed late Tuesday to a two-week ceasefire and the reopening of the Strait of Hormuz.

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