Ryanair’s O’Leary warns European airlines could fail if jet fuel price doesn't fall

European airlines will fail if the price of jet fuel remains elevated over the summer, the CEO of budget airline Ryanair warned. Speaking to CNBC on Thursday, CEO Michael O'Leary said that his airline was protected because it had hedged 80% of its fuel but predicted "real failures" for other airlines if the price of jet fuel did not fall. The price has surged since the critical Strait of Hormuz was blockaded after the war in the Middle East began on Feb. 28. "Pricing has mushroomed since March. …