Glencore (LON: GLEN) earned 66 times more from energy trading in the first half of 2026 than it did a year earlier, joining other major commodity traders profiting from market turmoil created by the Iran war.
Glencore booked $2.66 billion in first-half adjusted earnings before interest and taxes (EBIT) from trading on Wednesday, up from just $40 million a year earlier.
U.S. President Donald Trump on Monday accused oil majors ExxonMobil XOM.N and Chevron CVX.N of making “too much money” with high gasoline prices a risk for his Republican Party as it seeks to retain control of Congress in November midterm elections.
Glencore joins the trading desks of European oil majors BP BP.L, Shell SHEL.L, TotalEnergies TTEF.PA and rival trading house Trafigura in reaping billions in profits this year.
Trafigura reported $4.1 billion in net profit for the six months through March.
Crude, fuel and LNG prices hit all-time record or multi-year highs earlier this year as the Iran war effectively halted tanker traffic leaving the Gulf.
“The Oil and Gas department was the primary contributor, which benefited from significant dislocations across LNG, oil and shipping markets,” Glencore CEO Gary Nagle said.
Its first-half results put it on track to rebound from three straight years of lower earnings from energy marketing.
Its trading volumes surged to around 5.2 million barrels per day of crude and fuels, about 24% more than its 2025 average, Glencore’s results showed on Wednesday.
Looking ahead to the second half, Glencore said that significant inventory drawdowns had left oil markets increasingly sensitive to disruptions.
Glencore shares were up 3.4% at 1130 GMT.
(Reporting by Robert Harvey; editing by Jason Neely)
