Airfare prices could rise by up to 20% in 2027, warns Ryanair CEO

Michael O'Leary, CEO of Ryanair, warns that air travel prices in Europe could rise by up to 20% in 2027 due to increasing oil prices. He attributes this expected increase to the high cost of jet fuel, which currently stands at $170 per barrel. Ryanair has already experienced a 15% drop in profits, largely due to rising aviation fuel costs. The ongoing conflict in the Middle East is also impacting the aviation sector by restricting airspace and reducing oil availability, further driving up prices.