Glencore reported a steep jump in profits after a surge in the price of its most important commodities. The company’s trading unit had one of its best ever periods as the Iran war sent energy prices soaring, creating a perfect backdrop for record gains.

The trading unit saw a historic boom, with margins expanding across energy and metals. This surge was largely driven by record copper prices, which pushed the company’s earnings to new highs.

The conflict in Iran triggered a sharp rise in energy costs, further boosting Glencore’s revenue streams. The combination of high copper demand and elevated energy prices has positioned the company for a robust financial performance.

Overall, Glencore’s profit increase reflects a confluence of commodity price spikes and geopolitical factors that have amplified trading gains across its portfolio.