However, the airline has warned holidaymakers that leaving flights until the last minute could result in higher fares later in the season.
Neil Sorahan, chief financial officer at Ryanair, said the airline was becoming increasingly confident that fuel supplies across Europe would remain stable despite disruption to shipping routes near the Strait of Hormuz.
Sorahan said: "I am increasingly confident that we will not see any supply shocks this summer."
The airline said fares have fallen in recent weeks amid uncertainty surrounding the conflict involving Iran, with ticket prices expected to decline by a “mid-single digit percentage” during the three months ending in June.
Ryanair also lowered its previous forecast for summer ticket prices, which are now expected to remain broadly in line with last summer rather than increasing.
Despite the uncertainty, the airline said demand for holidays remains strong.
Sorahan explained: "Demand is still strong, but people are leaving it longer to book so we do not have the visibility that we normally have for July to September.
"Closer-in bookings are strong but if people leave it late they could take on higher fares."
The travel industry has faced growing concerns over fuel supplies this summer after shipping through the Strait of Hormuz became restricted.
Ryanair said Europe remains well supplied thanks to fuel shipments arriving from west Africa, Norway and the Americas.
Industry analysts believe consumers are becoming increasingly cautious with spending as inflation and economic pressures continue to affect household budgets.
Dan Coatsworth said: "Airlines and holiday companies are having to drop prices, or at best keep them level, just to keep demand ticking over.
"If cost pressures remain intense, they will have no choice but to put prices up."
The airline reported a record after-tax profit of €2.26 billion for the financial year ending in March.
However, Ryanair suspended guidance for its 2027 financial year, saying it was “far too early” to make forecasts because of uncertainty surrounding fuel prices, environmental taxes and rising wage costs.
The airline also revealed it expects environmental taxes across the European Union to rise by €300 million this year to around €1.4 billion.
