Ryanair profits tumble as jet fuel costs soar

Ryanair reported a sharp fall in profits as Middle East conflict pushed jet-fuel prices higher and discouraged customers from booking flights. The Irish airline’s pre-tax profit declined 34% to €593 million (£503 million) in the second quarter from April to June, while sales were flat, with the company cutting fares to stimulate demand. Ryanair also said summer fares for July to September are “trending modestly down” versus last year, citing “consumer hesitancy” about air travel. Fuel costs rose after US and Israel strikes against Iran in February, and while Ryanair said it hedged some future costs, unhedged fuel more than doubled. Crude oil prices continued climbing above $90 a barrel, while traffic through the Strait of Hormuz has nearly halted. The airline warned full-year results remain “highly sensitive” to conflict escalation and unhedged fuel prices.