Qantas Airways shares jump 5%

World World: Shares of Australia’s flagship airline QantasAirways rose more than 5% to a one-month high on Monday. This was due to OPEC+’s decision to increase production, which caused oil prices to fall by more than $2 per barrel.

Jet fuel is a significant cost for airlines, and the fall in oil prices is expected to improve profitability. Qantas spent 5.32 billion Australian dollars on fuel in the 2024 financial year, up about 17% from the previous year.

Qantas is currently facing tough competition from Virgin Australia, which plans to launch its IPO later this year.