8th Oct 2026 10:38
(Alliance News) - Ryanair Holdings PLC Chief Executive Michael O'Leary said Thursday that he did not expect any jet fuel shortages in Europe this winter, and not before summer 2027, even as the Iran war disrupts supply chains.
"There is no question, I think, over availability of jet fuel in Europe this winter, or frankly into next summer either, unless there's some unforeseen event," O'Leary said at a press conference by the A4E association of European airlines in Brussels.
But jet fuel prices have soared more than oil prices since the start of the war, which has seen Iran respond with strikes on Gulf refining infrastructure in countries it accuses of helping the US.
The Dublin-based low-cost carrier said last month that it would reduce its flight schedules this winter in the face of higher fuel costs, and trimmed its full-year passenger target to 214 million from 216 million.
"Historically, jet fuel was about somewhere between 10% and 15% more expensive than Brent crude. It's currently running at about 50% more expensive," O'Leary said.
"And I don't see that changing for the next 12, 18 months as the Ukrainians are attacking Russian refineries, the Houthis and the Iranians are attacking refinery capacity in the Middle East, and refinery or tanker shortages and refinery capacity is going to be a real challenge," he added.
Ryanair shares were 2.3% lower at EUR23.44 each on Thursday morning in Dublin. In London, Ryanair shares were flat at 1,995.00 pence each.
source: AFP
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