Since late February, jet fuel prices leapt from about $2.50 to $4.60 per gallon, doubling global benchmarks and driving fuel to roughly 30% of Delta’s operating expenses. Supply disruptions tied to the Strait of Hormuz and Middle East instability have created one of the industry’s most acute cost shocks in years.

Despite BofA cutting airline sector EPS estimates, its analysts maintained a Buy rating on Delta, citing the carrier’s investment-grade balance sheet, strong free cash flow and diversified revenue streams—including refinery operations, loyalty program, cargo and corporate travel. Deutsche Bank placed Delta on its fresh-money buy list, and 25 of 26 sell-side analysts rate the stock a Buy.

Delta will report first-quarter results on April 8, offering an early view of how it navigates elevated fuel costs and demand uncertainties. While Wall Street anticipates earnings growth, some analysts warn the airline lacks key beat drivers in its upcoming report.