New Delhi, April 5 -- If Iran drags on into the summer, airlines could face jet fuel shortages, leading to sharp fare increases and potential flight cuts, Michael O'Leary has warned.

Ryanair chief noted, as noted by Fortune, industry would be entering 'unknown scenario' if the Strait of Hormuz stays closed for two to three more months which would lead to cancelation on 5% to 10% of flights scheduled for May, June, and July.

Noting that airlines won't be in a position to choose which flights to cancel as it would depend on how much jet fuel each airport still has available, he said, "So we will then look around, and we will be trying to ground one or two aircraft and minimize the inconvenience for customers."

"But it's going to be diffi...