Ryanair reported a 34 percent decline in first-quarter profit, seeing its earnings slump by a third due to a combination of rising fuel costs and weakened demand.
The budget airline attributed the decline to the Middle East conflict and the Iran war, which have driven up oil prices and created consumer nervousness. Brent crude prices have surpassed $90, increasing operational costs, while concerns regarding jet-fuel shortages have further impacted the company.
Consumer uncertainty and delayed bookings forced Ryanair to cut fares by 6 percent during the peak summer travel season. The airline indicated that fares are likely to remain weak through the summer and warned that struggling airlines may face a difficult winter.