The trend: The ripple effects of the largest energy shock in history are beginning to surface in companies’ earnings calls, with consistent themes of rising transport and raw material costs, supply-chain strains, and reduced ​visibility ahead.

A Reuters review of company statements since the start of the Iran war shows the impact:

• 24 companies have withdrawn or cut financial guidance
• 35 have flagged price increases
• 36 ​warned of a financial hit.

Those figures are likely to rise as companies including Coca-Cola, Mondelez, Kimberly-Clark, JetBlue, and Amazon report earnings this week.

Zooming in: Several companies have warned higher energy costs could significantly erode margins.

While Procter & Gamble won’t provide a forecast for fiscal 2027 until its next earnings call, the consumer packaged goods company said that it projects a roughly $1 billion after-tax headwind if Brent crude prices remain north of $100 per barrel, which would likely lead to price increases for premium products. Brent is currently around $108.

American Airlines expects fuel costs to rise more than $4 billion this year versus last, the latest in a string of airlines highlighting the disruption caused by the closure of the Strait of Hormuz.

How consumer behavior is changing: The surge in gas prices—the national average is up nearly 31% YoY, per AAA—is taking a larger bite out of household budgets. Fuel now accounts for 7% of Wells Fargo debit card spending and 5% of credit card spending, up from 6% and 4%, respectively, before the war.