Ryanair CEO warns if jet fuel prices stay high, European airlines may fail

Ryanair’s CEO said Tuesday that some European airlines could fail if jet fuel prices remain elevated through the summer, as the aviation sector faces mounting cost pressure from the Middle East war and disruption around the Strait of Hormuz, Anadolu reports. Michael O’Leary told CNBC that budget carrier Ryanair is relatively protected because it hedged 80% of its fuel requirements, but warned that rivals with weaker hedging positions could face “real financial difficulties.” “Jet A-1 was about $80 a barrel in March. It’s now $150,” said O’Leary, adding that if prices remain at that level into July, August, and September, “you’ll see European airlines fail.” The average price of jet fuel rose to $179 per barrel in the week ending […]