Airline and travel stocks took a hit on Monday as airspace closures in the Middle East led to thousands of flight cancellations, impacting travel plans worldwide. Hotel chains like Marriott International and Hilton Worldwide Holdings saw their stocks decline, while cruise lines such as Royal Caribbean Cruises and Carnival Corp. also experienced drops in their stock prices.

The spike in oil prices added to the airlines’ woes, as flights to key destinations like Tel Aviv and Dubai were grounded. United Airlines, with significant international exposure, saw its stock drop over 4%, while American Airlines and Delta Air Lines also experienced declines. Despite the challenges, Southwest Airlines, which focuses more on domestic travel, saw a relatively minor decrease in its stock value. International travel had been a bright spot in the industry, with demand rising significantly compared to domestic flights in January according to the International Air Transport Association.