Carnival Corporation (NYSE:CCL) fell in Friday premarket trading, after closing Thursday at $27.16. The drop comes as oil prices hit their highest levels since April 2024.

WTI crude futures approached $85 per barrel. Brent crude reached $88, up roughly 20% on the week — the biggest weekly gain since early 2022, according to Trading Economics data.

Strait of Hormuz Disruptions Drive Oil Surge

The U.S.–Israel–Iran conflict is fueling the rally.

Fighting has disrupted shipping through the Strait of Hormuz. Around 20 million barrels of oil transit the strait daily, according to Brookings Institution Senior Fellow Robin Brooks.

That dwarfs Russia’s roughly 7 million barrels per day of exports. Brooks noted Monday’s Brent spike exceeded 7%, compared to just 2% when Russia invaded Ukraine in February 2022.

Cruise sector peers are sliding alongside CCL. Royal Caribbean Cruises Ltd (NYSE:RCL) dropped 2.32% premarket to $276.50. Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) fell 1.53% premarket to $20.60.

War Escalates Into ‘Next Phase’

The conflict entered its seventh day Friday.

Israel’s military chief Eyal Zamir said the joint U.S.–Israel campaign against Iran is entering a “next phase.” The Israel Defense Forces said its air force destroyed six Iranian ballistic missile launch platforms before they could fire toward Israel, along with three advanced Iranian air defense systems.

Iran’s Red Crescent Society reported at least 1,230 people killed in Iran since the war began Saturday.

To ease supply pressure, U.S. Treasury Secretary Scott Bessent announced a temporary 30-day waiver allowing Indian refiners to buy Russian oil.

Earnings

Carnival is set to report earnings on March 20.

• EPS Estimate: 18 cents (Up from 13 cents YoY)
• Revenue Estimate: $6.12 Billion (Up from $5.81 Billion YoY)
• Valuation: P/E of 13.4x (Indicates value opportunity)

CCL Price Action: Carnival shares were down 2.50% at $26.48 during premarket trading on Friday, according to Benzinga Pro data.

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