Ryanair CEO: Jet Fuel Supplies Stable Through June

Ryanair Chief Executive Michael O'Leary stated on Tuesday that the risk of jet fuel shortages across Europe has eased, with suppliers now confirming stable supplies through at least the end of June, up from previous assurances only through May.

O'Leary shared the assessment following a conference call on Monday with Ryanair's fuel suppliers continent-wide. The concerns originated from a blockade of the Strait of Hormuz, a vital shipping chokepoint, imposed after a conflict erupted in the Middle East on February 28. The disruption has driven Jet A1 fuel prices from about $80 per barrel in March to $150 per barrel, according to O'Leary, who spoke at a conference in Oslo.

He warned that sustained high prices through the summer could doom some rivals. "If pricing stays higher for longer this summer, we think a number of our airline competitors in Europe are going to face real financial difficulties," O'Leary told reporters. In comments to an Italian publication, he predicted sharper fallout: "If oil stays at these levels, two or three European airlines in October or November could go bankrupt like Wizz Air, which wants to sue me but won't have enough time to do so, and airBaltic."