Airline executives and travel analysts are warning that rising oil and jet-fuel costs could push airfares higher through the holiday season and into 2027. Brent crude climbed above $100 a barrel following U.S. and Israeli attacks on Iran in late February, while the closure of the Strait of Hormuz and wider conflict have disrupted Gulf energy flows. Ryanair CEO Michael O'Leary said on Thursday that fares would rise significantly if oil prices remain high into next year, despite the carrier's extensive fuel hedges. Ryanair disclosed in July that it had hedged 80% of fuel requirements at $67 a barrel through next March, leaving the remainder exposed to market prices. European jet fuel averaged $180 a barrel, according to the International Air Transport Association, and Ryanair cut its winter flight schedule in response to its unhedged fuel costs. Other carriers have also reduced capacity, curtailed growth plans, raised ancillary fees or reported sharply higher fuel spending as the conflict intensifies financial pressure across the industry.