Glencore trading profits double to $3.3B amid Iran war

Glencore reported on Wednesday that its commodity trading division expects first-half profit of approximately $3.3 billion, roughly double the $1.4 billion earned in the same period last year and about $1 billion above analyst expectations, as the Israel-Iran war generated extreme volatility across energy markets.ft+1

The result, disclosed in the company's half-year production report, marks the second-highest six-month trading profit in Glencore's history, trailing only the first half of 2022 when Russia's invasion of Ukraine upended global energy flows. The figure already exceeds the $2.9 billion the marketing division earned during all of 2025, putting the company on pace to surpass its full-year record of $6.4 billion set in 2022.thedeepdive+1

War Drives Energy Market Dislocations

The conflict in the Middle East, which effectively closed the Strait of Hormuz in late February, shut vast quantities of crude and refined products inside the Persian Gulf, forcing buyers to secure replacement barrels from elsewhere — particularly the United States — and creating a raft of opportunities for traders. Attacks on regional smelters roiled aluminum markets, while Ukrainian strikes on Russian fuel plants pushed refining margins to records.miningmx+1

Glencore is not alone in reaping windfall gains. Trafigura reported profit of $4.1 billion for the six months to March and paid a record dividend, while Mercuria's net profit doubled over the same period to its second-highest first-half total ever. Shell ↗ 2.59% is also expected to report stronger oil and LNG trading results when it publishes second-quarter earnings on July 30.finance.yahoo+1

Production Mixed, Full Results Due August 5

On the industrial side, Glencore reported copper production up 15 percent year-on-year to 397,000 metric tons, while zinc output fell 21 percent to 365,600 tons and cobalt declined 46 percent. The company maintained annual copper guidance of 810,000 to 870,000 tons but trimmed steelmaking coal guidance to 30–32 million tons from 30–34 million tons.ii+1

Glencore shares rose approximately 4 percent in London trading following the update, extending gains to roughly 30 percent for the year. Barclays ↘ 1.62% analyst Ian Rossouw said he expected a positive market reaction, while RBC's Ben Davis called it "curious" that the company offered no updated full-year marketing guidance given the scale of outperformance. Full first-half results are scheduled for August 5.moneyweb+2