Take one shot of ramped up fears in the Middle East involving Israel and Iran, throw in lower crude inventories here in the U.S. last week, and then on top of that add Fannie Mae and Freddie Mac — both of whom are watching their equity value disappear right before our eyes this morning on real fears that the two government mortgage backers are basically insolvent ….and what do you get?

One ugly Friday on Wall Street.

Of course, a big run-up in oil means airline stocks are getting hammered. Yes, again.

But in addition to the higher price of crude this morning, United Airlines did not help matters for the sector either, as it announced it is going to take a whopping 2.7 billion in total charges for the second quarter.

Yes, you read that correctly.

“The company has concluded that the entire value of goodwill on its books has to be written off,” United Airlines parent UAL said in its SEC filing.

That may be a more telling statement than intended.

As of this posting, crude is now trading at 146.40, up 4.75 since the close Thursday.

Biggest losers on the PlaneBusiness stock list this morning include: United Airlines, now down 13%, trading at 3.64; Mesa Air Group, down 14%, now trading at 33 cents; Continental Airlines down 11% to 7.42; Alaska Air Group down 13% to 11.84; and AirTran, getting beaten up again, with shares here down 9%, closing at 1.68. Yes, you read that number correctly too.