Ryanair CEO Warns European Fares May Jump Twenty Percent

Europe is about to lose its cheap flights. Ryanair boss Michael O'Leary says airfares could jump by twenty percent next year. The Iran war is closing the Strait of Hormuz. That blocks twenty percent of the world's oil supply. Jet fuel prices are soaring because of it. Ryanair locked in eighty percent of its fuel at sixty-seven dollars a barrel through March 2027. Beyond that safety net, only twenty-five percent is hedged at ninety-five dollars. Brent crude hit one hundred ten dollars a barrel on Monday. That is up seventy percent from last year. The airline's annual fuel bill will jump by two billion euros for the fiscal year ending in March 2028. To cover it, fares need to rise by ten euros per passenger. Ryanair already cut its annual passenger target from two hundred sixteen million to two hundred fourteen million. O'Leary says travelers should book early before prices climb higher.