Jet2, Ryanair, and Easyjet have issued updates on jet fuel supplies for UK tourists planning summer holidays, amid ongoing concerns over the Iran war. Since the conflict erupted, passengers have faced anxious waits for travel news, particularly with the closure of the Strait of Hormuz raising fears of fuel shortages.
Ryanair's Assurance
Ryanair CEO Michael O'Leary has provided reassurance, stating that Europe will not run out of jet fuel. Speaking after meeting fuel suppliers in Paris, he said: "There's no issues over jet fuel supply right now through to the end of September." He explained that most of Europe's Jet A-1 supply comes from West Africa, the Americas, and Norway, with the lifting of Russian sanctions also easing supply to Eastern European countries.
In an interview with Bloomberg, O'Leary acknowledged concerns about oil prices but downplayed the impact of the Iran conflict on European jet supplies. He noted that if the Strait of Hormuz remains closed until March 2027, Ryanair's unit costs might rise by mid-single digits due to hedging. "We bought 80% of our jet fuel requirements out to March 2027 at $67 a barrel. So we're in great shape," he said.
Jet2's Record Weekend and Commitment
Jet2 has operated its busiest weekend ever, with a record number of customers flying for the May half-term. The airline has also committed not to increasing surcharges for passengers, providing confidence for summer travel. CEO Steve Heapy said: "This weekend saw us operate a record-breaking weekend... it is very clear how much people want to get away." He added: "Everything is geared up and ready for a busy summer and our message to holidaymakers is that summer is very much on."
Easyjet's Challenges
Easyjet is facing a potential takeover from US private equity giant Castlelake, which confirmed it is in the early stages of considering an offer. While Easyjet has fixed the price of more than 70% of its fuel needs until September, its kerosene bill rose by £25 million in March. CEO Kenton Jarvis said the airline is bracing for a fuel hit that could reach £175 million this summer.
