Ryanair CEO Michael O’Leary warned Thursday that airfare prices could see a significant increase if oil prices remain elevated. He said he expects pricing to be modestly lower in the second quarter (July to September), but that the December and March quarters remain entirely uncertain. This warning comes as the surging cost of jet fuel continues to squeeze the airline industry. Oil prices edged higher Thursday, with Brent crude remaining above $100 per barrel and U.S. West Texas Intermediate crude settling at $97.4 per barrel, as Middle East tensions fuel concerns over energy supplies.
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