Glencore guides to a $3.3 billion first-half trading profit as the Iran war roils oil markets

Glencore, the commodity producing and trading group, said in its half-year production report on Wednesday, 29 July 2026, that it expects adjusted earnings before interest and tax of about $3.3 billion in its Marketing segment for the first half of 2026. That segment includes oil trading.

The figure alone exceeds the division's full-year 2025 result of $2.9 billion. Extreme energy-market volatility over the past five months has put the group's trading profit on course for its best year on record. The previous record was $6.4 billion in 2022, the year Russia's invasion of Ukraine upended energy flows. Glencore did not specify how much energy trading contributed to the profit and is expected to do so in its detailed half-year earnings.

Trading houses are not the only beneficiaries of the volatility: integrated oil and gas companies with large trading arms have also gained from it.