Airline shares outperformed on Monday, with several names ranking among the top gainers on the S&P 500, as investors bet on lower fuel costs following a fresh slide in oil prices.

Delta Air Lines (NYSE:DAL) rose nearly 3%, while United Airlines (NASDAQ:UAL) gained 2.8%, bucking broader market weakness. The U.S. Global Jets ETF (JETS) advanced about 1.4% as oil prices pulled back amid news that OPEC+ will ramp up output by 411,000 barrels per day in June, on top of prior increases in April and May.

Warning! GuruFocus has detected 3 Warning Sign with DAL.

The prospect of a supply-driven surplus has sparked hopes of lower jet fuel costs, a key expense for airlines. Analysts say the benefits may vary across carriers depending on their hedging strategies, though overall cost relief could support margins and ticket pricing flexibility.

American Airlines (AAL) jumped 3.3%, while Alaska Air Group (ALK) climbed 3.8%. Frontier Group (ULCC) led gains with a 6.7% rally. Other movers included Southwest Airlines (NYSE:LUV) up 1.2%, JetBlue Airways (NASDAQ:JBLU) down 0.4%, and Allegiant Travel (NASDAQ:ALGT) up 1.6%.

European names like Ryanair (NASDAQ:RYAAY), Lufthansa (DLAKF), IAG (ICAGY), and EasyJet (EJTTF) also traded higher during afternoon sessions.

This article first appeared on GuruFocus.

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