Oil prices are surging above $100, putting fresh pressure on airline stocks like American Airlines Group, Inc. (NASDAQ:AAL), United Airlines Holdings, Inc. (NASDAQ:UAL) and Delta Air Lines Inc. (NYSE:DAL). One market technician warns that the pain is just starting.

AAL stock is sinking. See the chart and price action here. 

Oil Spike Hits Airlines

West Texas Intermediate crude has jumped into the $100-per-barrel range after supply disruptions in the Strait of Hormuz and escalating conflict in the Middle East, marking a roughly 60% move over the past month. 

The shock is critical for airlines because jet fuel is one of their highest variable costs, and most carriers have limited ability to immediately pass those costs through to higher fares during a softening demand backdrop.

Veteran futures trader Peter Brandt captured the mounting anxiety in a social media post. 

"If Crude Oil does what the chart indicates might be possible, then airlines are headed for a world of hurt. I would not want to be long airline stocks ...