Oil prices have risen more than 35% since the beginning of the conflict in Iran, as attacks on oil and transport facilities across the Middle East and disruptions to energy flows through the Strait of Hormuz raised concerns about global supply.
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Brent futures crossed $100 per barrel on Friday, compared with $72.48 before the conflict began. Iran has warned that oil prices could surge as high as $200 a barrel.
Cruise lines, which rely on heavy fuel oil and marine gas oil among other fuel types, turn to hedging to lock in prices via financial contracts and protect against sudden swings.
However, Carnival Corp in the U.S. is an exception.
US cruises sail into higher costs as oil prices rally; Carnival could be hardest hit
