Ryanair CEO says winter fares may rise after slight upturn

Ryanair Chief Executive Michael O'Leary nudged his airline's outlook for average fares higher on Thursday, saying they may rise slightly this winter following a "mild upturn" since July, although the outlook depended heavily on oil prices.

The airline's average fares fell month-on-month from February to July, contributing to a slump in profits in its last financial quarter, as high oil prices raised costs.

O'Leary said on Thursday, however, that fares had since risen by a "very low-single digit" amount year-on-year.

"In the last month, there's been a slight upturn," O'Leary told a news conference. It is impossible to say what was causing the increase or whether it would be sustained, he added.

Oil prices have this week risen above $100 a barrel as attacks increased in the U.S.-Israeli war on Iran.