Ryanair CEO says to brace for a 'significant uplift' in airfares as oil prices soar

Passengers wait to board an aircraft of low cost Irish airline Ryanair at the Berlin-Brandenburg airport in Schoenefeld near Berlin, Germany, on March 13, 2024.John Macdougall | Afp | Getty ImagesRyanair's CEO warned Thursday that airfare prices may see "significant" hikes if oil prices remain elevated as the surging cost of jet fuel continues to squeeze the airline industry. "We expect pricing ​to be ​very ⁠modestly down in the second quarter (from July ​to September), but ​the ⁠December and March quarters are entirely up in the ⁠air," Michael O'Leary told reporters ahead of the company's annual general meeting, according to comments reported by Reuters. "If ​oil prices remain high into next year, I think there ​will be a significant ​uplift in airfares, and we would ‌hope ⁠to avoid that," O'Leary added. CNBC has contacted Ryanair for comment on the statements.Oil prices edged higher Thursday as worries over escalating tensions in the Middle East and their impact on energy supplies kept Brent crude above $100 a barrel. U.S. West Texas Intermediate crude futures were up 1.4% to $97.4 per barrel. The jump in oil prices has sent the cost of jet fuel — a crucial energy source for airl...