Ryanair Holdings plc (NASDAQ:RYAAY)'s fiscal first-quarter profit fell 34% to €538 million from €820 million a year earlier. Firstly, fares fell 6% as the Iran war made travelers nervous and pushed bookings closer to departure. Secondly, operating costs rose 11% because the 20% of Ryanair Holdings plc (NASDAQ:RYAAY)'s jet fuel that isn't hedged more than doubled in price, hitting $150 a barrel during the quarter. Is Ryanair Holdings plc (RYAAY) the Best Airline Stock to Buy Now? BULL CASERyanair Holdings plc (NASDAQ:RYAAY)'s own earnings call is the strongest source for the bull case.