Glencore’s trading arm rode the oil price surge triggered by the Iran‑Israel war, posting a profit that could push full‑year core earnings above its long‑term ceiling. Q1 data suggest the unit will generate more than $3.5 billion, well above the $2.9 billion recorded last year and near the $6.4 billion peak of 2022. Premiums on physical cargoes spiked after the Strait of Hormuz narrowed.

Other majors felt the upside too. Vitol disclosed roughly $2 billion of first‑quarter trading profit, while Trafigura logged two of its best quarters on record. Higher metal prices also buoyed Glencore’s mining side, with copper output jumping 19% to almost 200,000 tonnes, offsetting cost pressures from fuel and sulfuric acid. The surge also lifted overall trading margins, helping Glencore offset higher logistics costs.

Cobalt output plunged 39% to 3,700 tonnes after the Democratic Republic of Congo imposed an export quota, underscoring how geopolitical moves can bite even diversified miners. Investors see the trading surge as a buffer against volatile commodity cycles, but the firm warns that lingering supply shocks could still dent industrial margins. Nevertheless, the company’s diversified exposure to metals and energy provides a hedge investors value.