European airline shares have fallen sharply as growing violence in Iraq marks the end of an unprecedented period of low volatility in oil prices.
Brent crude hit a nine-month high of $115 a barrel on Thursday and has risen more than 5 per cent since militants entered the Iraqi towns of Mosul and Tikrit on June 10. Although jet fuel prices have not risen as much, airline shares have responded by falling sharply. European airline shares are down 13 per cent in the same period, according to MSCI, the index provider.
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