Ryanair is cutting winter capacity and has lowered its passenger target for the fiscal year ending March to 214 million from 216 million to limit exposure to unhedged jet fuel costs in the off-peak season. The airline estimates the flight reductions will save about €70 million to €100 million and expects November-to-March traffic to stay roughly flat year on year after carrying 208.4 million passengers in fiscal 2026. Ryanair has hedged roughly 80% of its fuel needs through March 2027 at about $67 a barrel, yet warned that jet fuel could reach $140 a barrel if the surge continues and that European short-haul fares may rise materially next year, especially if high oil prices extend into summer 2027. Broader market pressure is being amplified by tighter refined-product supply, Brent crude’s move near $97 a barrel, and shipping disruptions affecting jet fuel and related energy markets.