How much profit did Glencore's trading business make in the first half of the year, and how does that compare to its previous records?

Glencore's trading team made a first-half profit of about $3.3 billion, putting it on course for its best ever year and already within touching distance of its annual earnings goal of $3.5 billion. This compares to $2.9 billion in trading profit last year and positions the company to potentially surpass its record haul of $6.4 billion in 2022.

What major geopolitical event triggered market dislocations that boosted Glencore's trading profits, and what specific market impacts followed?

The Iran war triggered market dislocations by effectively closing the Strait of Hormuz at the end of February, shutting vast quantities of crude and petroleum products inside the Persian Gulf; this forced buyers to source replacement barrels—especially from the US—and created trading opportunities, while attacks on regional smelters disrupted aluminum markets and Ukrainian strikes on Russian fuel plants drove refining margins to records.

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Glencore Scores Huge Trading Profits as War Upends Markets

Jul 28, 2026

Glencore reported a first-half trading profit of $3.3 billion, driven by geopolitical conflicts disrupting global energy and metal markets. The company is on track for its best year ever, nearing its annual earnings goal amid soaring commodity prices.

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