Oil slipped after Iranian negotiators said progress had been made in peace talks with the United States. Brent crude eased as markets started to remove part of the risk premium linked to the Strait of Hormuz.

Oil can quickly affect airlines, cruise lines, retailers, oil producers, oilfield services and defence names. The question is who benefits if the oil shock fades, and who loses momentum if the fear trade unwinds?

Winners

Airlines and fuel-sensitive travel

Airlines are clear winners when crude and jet fuel prices fall. Fuel is one of the biggest costs for carriers, so lower oil can improve margins if passenger demand stays firm. $DAL and $UAL may benefit from international travel exposure, while $AAL and $LUV are also sensitive to fuel cost relief.

Names: $DAL (Delta Air Lines), $UAL (United Airlin ...