Ryanair CEO Warns of Potential European Airline Failures Due to High Jet Fuel Prices
Ryanair's CEO, Michael O'Leary, has issued a warning that European airlines could face significant financial challenges if the current high prices of jet fuel persist. Speaking at the Norges Bank Investment Management Conference in Oslo, O'Leary highlighted that Ryanair is somewhat protected due to its strategy of hedging 80% of its fuel needs. However, he expressed concerns that other airlines might not withstand the financial pressure if jet fuel prices remain elevated over the summer months. The price of jet fuel has surged following the blockade of the Strait of Hormuz, a critical passage for oil transport, which began after the onset of conflict in the Middle East on February 28. O'Leary noted that the price of Jet A-1 fuel has increased from $80 per barrel in March to $150, with the average price reaching $179 per barrel by the end of April. 
