These Cruise Line Stocks Are Falling Amid War-Driven Volatility

2026-03-10 12:18:00 ET

Last week, I wrote about how the war in the Middle East is hitting airline stocks hard , as it has pushed the price of jet fuel significantly higher while depressing demand for air travel. But there's another group of stocks getting hit even harder -- possibly the worst-faring stocks in the S&P 500 index since the war broke out.

I'm talking about cruise lines. Norwegian Cruise Lines Holdings (NYSE: NCLH) is down 21% since the war began, while Carnival (NYSE: CCL) (NYSE: CUK) has plummeted some 23%. Could this be a buying opportunity for investors?

The reasons for the plunges in these stocks are similar to those of the airlines: Rising fuel prices and softening demand. Fuel is one of the largest expenses for cruise lines. A ship can consume 250 tons of fuel daily or more, at a cost of more than $100,000 per day. Right now, Brent crude , the international benchmark, is about $27 higher per barrel than it was right before the war. That's an increase of about 38%.

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