Two major cruise operators saw their stocks hit 52-week lows on Thursday, as Norwegian Cruise Line Holdings dipped as low as $14.48 and Carnival Corporation sank to $22.28.

Other cruise stocks were also down on Thursday, including Royal Caribbean, Lindblad and Viking, although those three were off their year-long lows.

Driving the dips were said to be concerns over fuel prices due to the ongoing Middle East situation, and a potential capacity and pricing situation in the Caribbean in the first quarter.

U.S. crude oil had topped $100 a barrel on Wednesday as strikes continues in the Middle East.

Meanwhile, multiple Wall Street analysts have pointed to the cruise industry’s 2027 first quarter Caribbean capacity and ticket pricing as a potential concern.

One note sent to investors this week had called out Norwegian Cruise Line Holdings specifically as a contributing to pricing pressure.

The company’s decision to adjust its pricing model and offer the best prices the well in advance of a sailing date has said to have an effect on pricing across the marketplace.