FRANKFURT (dpa-AFX Broker) – Shares in the travel sector, recently battered by concerns over war and oil prices, showed signs of recovery on Tuesday. The announcement of a ceasefire between Israel and Iran brought significant relief, particularly to the oil market. Oil prices dropped sharply, falling well below USD 70 per barrel.
Shares of travel group Tui rebounded by 6.6 percent in Tradegate trading, while those of Lufthansa and airport operator Fraport were also poised for notable gains before the market opened, rising 4.3 and 2.6 percent, respectively.
“On the oil market, we are seeing a reduction in the risk premium that was previously built up in case of attacks on energy infrastructure or a blockade of the Strait of Hormuz,” wrote Jochen Stanzl, an expert at broker CMC Markets. Neither scenario has materialized./tih/mis
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