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Glencore's H1 2026 energy trading profits soared 66 times to $2.66 billion, benefiting from Iran war market turmoil
The commodity giant's adjusted earnings before interest and taxes (EBIT) from trading reached $2.66 billion in the first half of 2026, a significant increase from $40 million a year earlier. CEO Gary Nagle attributed the surge primarily to the Oil and Gas department, which capitalized on dislocations across LNG, oil, and shipping markets caused by the Iran war. Glencore's trading volumes for crude and fuels also jumped by approximately 24% compared to its 2025 average, reaching around 5.2 million barrels per day. The company's shares were up 3.4% following the announcement.
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