Glencore Reaps Billions from Iran War-Driven Market Turmoil

Glencore's energy trading profits surged to $2.66 billion in the first half of 2026, a massive 66 times more than it earned in the same period last year.

This increase comes as no surprise, given the market turmoil created by the Iran war, which has led to record or multi-year highs in crude, fuel, and LNG prices.

Glencore's CEO Gary Nagle attributed the company's success to significant dislocations across LNG, oil, and shipping markets, saying that its Oil and Gas department was the primary contributor.

The company's trading volumes soared to around 5.2 million barrels per day of crude and fuels, a 24% increase from its 2025 average.