“The market customers have been insulated for the last 12 months... but those hedges are rolling off. There's still no resolution in the Middle East. Jet oil today is $170 a barrel. I mean, this is a very significant cost cliff we're all facing next year. I believe you're going to see airfares rise next year across Europe by 10%, maybe even 20%,”

Michael O'Leary · said 2026-11-02 · reported 2026-11-02

O'Leary said customer fuel-cost insulation is ending as hedges roll off, with jet oil at $170 a barrel, predicting European airfare rises of 10% to 20%.