Ryanair’s CEO warns travelers that cheap European flights may not last if oil remains above $100 a barrel into next year

Ryanair's CEO Michael O'Leary has warned that cheap European flights may become a thing of the past if oil prices remain above $100 per barrel into next year. Despite hedging the majority of its estimated fuel needs at a set price through March 2027, O'Leary said the company's plans could still be affected by the war in Iran and its impact on fuel prices.

Currently, jet fuel averages $180 per barrel in Europe, up from $67 per barrel in July, according to the International Air Transport Association. As a result, Ryanair has cut its winter flight schedule and CFO Neil Sorohan has hinted at potential price increases to compensate for the rising fuel costs.