Ryanair CEO Michael O’Leary warned that higher airfares could persist into 2028 as the conflict in Iran drives up jet fuel costs. Fuel prices are currently about 50% above pre-war levels and are likely to remain elevated for the next 12 to 18 months, he said, describing the situation as a “full-blown crisis.”
O’Leary said airlines cannot absorb the higher costs and will have to pass them on to passengers through increased ticket prices.
The warning comes as easyJet announced cuts to its winter flight schedule. Ryanair shares declined slightly amid wider industry concerns.