UK is Europe's 'most vulnerable' market to jet fuel disruption, Ryanair CEO Michael O'Leary told the Financial Times, warning the airline may cancel flights during peak summer months if Middle East supplies remain squeezed by Iran's attacks on Gulf shipping lanes.

Britain has sourced at least half its jet fuel from Kuwait since turning away from Russian supplies after the Ukraine invasion, with UK demand reaching 12mn tonnes annually. Prices for refined products have soared, and wholesale jet fuel has doubled since the war began. Ryanair hedges 80% of its fuel needs to March at $67/barrel but pays $170/barrel for the remaining 20%, leaving it exposed to market volatility.

O'Leary also called for EU sustainable aviation fuel (SAF) mandates to be relaxed, warning there's 'no prospect of reaching 6% SAF by 2030' due to US anti-dumping duties on biofuel imports that industry groups say will exacerbate the fuel crisis. Lufthansa meanwhile prepared contingency plans for potential demand drops, while industry groups urged the European Commission to reverse the duties before an August review.