Delta Air Lines hit by rising fuel prices

Rising fuel prices hurt Delta Air Lines.

Delta warned investors Tuesday that its second-quarter profit will be lower than it had originally forecast. The airline paid about 6% more for fuel than the previous quarter, as the price of oil soared.

Oil production collapsed in crisis-stricken Venezuela, and the Trump administration stepped up sanctions against Iran, insisting that other countries cease Import its oil. US crude hit $ 75 a barrel on Tuesday for the first time since 2014.

The strong demand for travel has allowed airlines to raise fares, thus limiting losses. Delta said that a key measure of rates was 4% to 5% higher in the quarter compared to the previous year.

Shares of Delta ( DAL ) American Airlines ( AAL ) and United Continental ( UAL ) all slightly decreased early in the session on the profit warning.

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Delta said travel demand remains strong, helping its bottom line. Paid passengers flew 3.2% more miles. Delta also claimed to have controlled costs other than fuel, maintaining the increase in these expenses at about 3%.

CNNMoney (New York) First published July 3, 2018: 10:38 ET