Ryanair’s profits drop amid Middle East conflict and soaring jet fuel prices

Ryanair’s pre‑tax profits fell 34% to €593 million during the first half of 2026, a sharp decline linked to higher jet‑fuel costs and a drop in passenger demand.

The war in Iran triggered a surge in crude oil prices, climbing to $90 a barrel and doubling the cost of unhedged fuel for the airline. A previously hedged portion of Ryanair’s future fuel costs remained insulated, but the surge hit the company hard.

While revenue rose 1% to €4.4 bn, passenger numbers grew by 6 % to 6.1 million, but fares fell 6 % after the airline cut prices to entice travellers wary of Middle‑East tensions.

Ryanair’s finance chief Neil Sorahan said that bookings for Mediterranean routes stayed full, “people remain eager to travel but book slightly later.” The airline predicts summer fares will be modestly lower than last year, as customers plan trips closer to departure.

Analysts warn that last‑year results will be highly susceptible to external factors such as renewed conflict in the Middle East or Ukraine and volatile jet‑fuel prices. Ryanair shares fell 5 % following the earnings report.