How much did Glencore's trading unit earn in the first quarter, and what does the company project for full-year core earnings from trading?

The news does not disclose Glencore’s first-quarter trading profit figure explicitly; it only states that based on first-quarter performance, full-year core earnings from the trading unit would 'comfortably' exceed the top end of its long-term guidance of $3.5 billion — up from $2.9 billion earned last year. No specific Q1 dollar amount is provided in the body.

What market event triggered the surge in oil and fuel product premiums, and how did it benefit commodity traders like Glencore?

The near-closure of the Strait of Hormuz — triggered by the Iran war — caused huge dislocations across energy markets, leading immediately-available cargoes of oil and fuel products to trade at huge premiums; this volatility enabled commodity-trading houses, including Glencore, Vitol, and Trafigura, to reap bonanza profits.

Glencore’s Traders Score Big Profits as War Rattles Energy Markets

Apr 29, 2026

Glencore expects its trading unit's full-year core earnings to exceed $3.5 billion guidance as war-driven energy price surges boost profits. Major competitors like Vitol and Trafigura are also reporting record quarterly results amid global oil market dislocations.

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