Ryanair warns that high fuel costs will likely mean more expensive flights and frozen staff pay

Ryanair reported on Monday that its post-tax profits were down 15% to 2.15 billion euros, or about $2.4 billion, for the six months preceding September 30.

As the world's largest budget airline, Ryanair is known for its cheap fares, bolstered by a strong fuel-hedging strategy that uses financial derivatives to lock in future prices. However, the Iran War has kept fuel prices high.

While Ryanair has hedged more than 80% of its fuel costs at around $67 per barrel until next March, the remaining fifth has doubled in price to roughly $130 per barrel, the airline said in its earnings report.

It added…