By Heather Gillers

Cruise lines are among the victims of the oil-price shock, but this week Carnival is bucking the trend.

Shares in the cruise line rose 3.2% to close at $24.94 Thursday, their biggest increase in more than a month.

That's thanks in part to Morgan Stanley, which upgraded the stock to "overweight." Analysts wrote that cruise company shares saw "material rebounds" after other oil-price shocks, such as the Russia-Ukraine War, subsided.

Plus, they wrote, geopolitical problems aren't all bad for cruise lines if they just make people slightly less adventurous: "Rising disruption can make organized travel (cruise) a relative winner over independent travel."

Month-to-date, Carnival, Royal Caribbean and Norwegian are all down double-digits. But Carnival has risen four of the past five trading days. The company is scheduled to report its first-quarter earnings March 27.

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March 19, 2026 17:37 ET (21:37 GMT)

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