The airline sector is experiencing a significant downturn in pre-market trading, with the JETS ETF falling 2.37%. The primary driver appears to be escalating geopolitical tensions between the U.S. and Iran, which has caused a sharp increase in crude oil prices. This surge in oil directly translates to higher jet fuel costs, a major operating expense for airlines, threatening profit margins. The negative sentiment was compounded by Norwegian Air Shuttle's weak Q2 results, which highlighted the impact of fuel price spikes and emissions charges on profitability.