Ryanair chief executive Michael O’Leary has warned of possible disruptions to jet fuel supplies next month if the ongoing conflict in Iran continues. Since the war began in February, oil prices have surged. Iran has effectively blocked the passage of vessels through the Strait of Hormuz, which carries 20% of the world’s oil and liquefied natural gas supplies and around 40% of Europe’s jet fuel supplies.

The conflict began on February 28 when the United States and Israeli forces launched coordinated air strikes against targets in Iran. The Executive Director of the International Energy Agency (IEA), Fatih Birol, said last month that the world is facing a worse energy crisis than the two 1970s oil crises and the war in Ukraine combined.

Speaking to Sky News, Michael O’Leary said that Ryanair was “reasonably well hedged” on 80% of its fuel, but the remaining 20% is currently being purchased at nearly double the usual price at around $150 (£113) per barrel.

He said that rising oil prices were part of the “wider ramifications” of the conflict, but the “immediate concern” was jet fuel supplies.

He told the news outlet: “Fuel suppliers are constantly looking at the market.

“We don’t expect any disruption until early May, but if the war continues, we do run the risk of supply disruptions in Europe in May and June, and we hope the war will finish sooner than that, and the risk to supply will be eliminated.

“We think there is a reasonable risk, some low level, maybe 10% to 25% of our supplies might be at risk through May and June, so like everyone else in this industry, we hope the war ends sooner rather than later

“If the war finishes by April and the Strait of Hormuz reopens, then there is almost no risk to supply.”

Last month, EasyJet chief executive Kenton Jarvis warned that European consumers should expect higher ticket prices towards the end of the summer when fuel hedges come to an end.

At the newly reopened Newcastle base on March 23, the chief executive spoke of the challenges facing the airline industry this year.

As reported by Reuters, he said: “The reality is that prices will start feeding through to the consumer towards the back end of the summer, but equally it depends what happens to fuel prices.”