The airline industry meets in India amid worries over tariffs and geopolitical tensions
High oil prices could lead to higher airfares. AFP

Surging fuel prices could lead to higher airfares next year, according to one CEO.

Ryanair's CEO Michael O'Leary told Reuters Thursday that consumers should expect "significant" price increases driven by higher jet fuel prices if the price of oil remains elevated into next year.

"A lot depends on what happens to oil prices for the next five or six months but ... I would be reasonably hopeful that pricing will be flat-ish, maybe even slightly positive in the second half of the year," he told Reuters.

Brent crude oil crossed $100 a barrel, this week reaching as high as $104 in trading early Thursday before pairing some gains. It was the highest price since May. West Texas Intermediate, the U.S. benchmark, topped $100 on Thursday as well.

Oil prices have soared since the start of the Iran war in February. The war has disrupted oil production, with attacks on refineries throughout the Middle East. The war has also disrupted the supply chain, particularly shipping through the Strait of Hormuz. Both the U.S. and Iran have been targeting tankers trying to make it through the waterway to prevent them from crossing.

Gas prices have remained elevated as well. In the U.S., regular gas averaged about $4.27 this week, according to AAA. That's more than a $1 a gallon higher than the average price at the same time a year ago.

Diesel prices have also been driven higher, reaching a U.S. average of $5.97 a gallon this week. For comparison, that is more than $2 higher than the average last year.

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Airlines have faced elevated jet fuel prices and have reacted to the higher cost by reducing flights and cutting expenses. O'Leary pointed out to Reuters that fares had since risen by a "very low-single ​digit" amount this year compared to last year.

In July, O'Leary said that fairs would probably fall or remain flat in the winter months - October through March. However, with hostilities in the Middle East continuing to flair and oil prices remaining high, "significant uplift." O'Leary indicated that this would depend on whether relatively high oil prices continue into next year.