Conflict in Middle East is pushing jet fuel costs higher and many carriers are not hedged against such increases, Michael O’Leary says

Ryanair’s chief executive has predicted a record increase in European air fares next year, as airlines grapple with fuel bills pushed higher by the Middle East conflict.

Many carriers are not hedged against rising jet fuel costs, Michael O’Leary said, which he predicted would lead to airline bankruptcies and takeovers. He forecast these pressures would result in the price of plane tickets rising by as much as 20%.