Delta kicks off an earnings season focused on surging gas prices and the Iran war

Delta Air Lines will release first-quarter earnings on Wednesday, serving as an early indicator of how U.S. businesses and consumers are coping with soaring fuel costs driven by the escalating Iran conflict. The report arrives amid broader economic uncertainty, as March—marking the first full month of the war—saw stronger-than-expected job growth, though analysts warn of delayed fallout from rising oil prices. Delta’s forecast will join results from Levi Strauss and Constellation Brands this week, offering a cross-sector view of corporate resilience amid geopolitical and energy market volatility. Despite consumer concerns, U.S. companies have shown unexpected optimism for Q1, though the sustainability of this sentiment remains unclear as fuel costs pressure profit margins. The earnings season kicks off as markets watch whether surging gas prices will erode consumer spending or force businesses to adjust pricing and operations in response.