Ryanair boss Michael O'Leary warns European air fares will rise up to 20% in 'biggest increase in history'

The Iran war has sent jet fuel prices soaring, and Ryanair is 85% unhedged for next year, with most European rivals in the same boat. Michael O'Leary told a Brussels press conference he expects bankruptcies and takeovers to shrink seat numbers within months. He doubts even steeper fares will cover the 'dramatically higher oil bills'. Ryanair shares are down about 25% this year.

Ryanair is cutting 20 Belgian routes after the aviation tax jumps from €2 to €7.

Ryanair hedged just 15% of next year's fuel at $85 a barrel, half spot rates.

Apollo is eyeing easyJet while Lufthansa takes a stake in Portugal's TAP.