Glencore Profit Surges on Oil and Copper Price Rallies

Glencore announced a first-half net income of $4.4 billion, marking a substantial turnaround from a loss in the previous year. This profit surge was primarily attributed to robust revenues and trading profits, which were bolstered by rallies in oil and copper prices and general market volatility. The company's energy trading division experienced an exceptional increase, with profits jumping 66-fold to $2.66 billion in the first half of 2026. These gains were directly linked to market dislocations stemming from the Iran war, which also led to a significant rise in Glencore's trading volumes.

In parallel, Phillips 66 reported a nearly fourfold increase in its second-quarter profit, significantly exceeding Wall Street expectations. The conflict in the Middle East played a crucial role, constricting global fuel supplies and consequently driving U.S. refining margins to soaring levels. This situation also contributed to record highs in U.S. fuel exports. Glencore further commented on the state of energy markets, noting their heightened sensitivity to disruptions. This sensitivity is exacerbated by significant inventory drawdowns observed during the first half of the year. Glencore itself waived its value-at-risk limit for a period, reflecting the extreme market conditions, and saw a substantial increase in earnings from both its marketing and industrial operations.