Ryanair CEO warns airfares may jump if oil prices stay high

Ryanair CEO Michael O'Leary warned Thursday that airfares could see a "significant uplift" if oil prices stay high, as surging jet fuel costs squeeze the airline industry. He said pricing for the December and March quarters is uncertain. O'Leary told reporters that second-quarter pricing (July to September) should be "very modestly down," but added, "If oil prices remain high into next year, I think there will be a significant uplift in airfares, and we would hope to avoid that." His comments came ahead of the company's annual general meeting. Oil prices edged higher Thursday, with Brent crude above $100 a barrel and U.S. West Texas Intermediate up 1.4% to $97.40, driven by Middle East tensions. CNBC has contacted Ryanair for further comment.