Glencore’s earnings from trading commodities doubled in the first half of the year as war in the Middle East supercharged profit levels across the world’s biggest oil trading firms. The Swiss company said it expected $3.3bn in its “marketing” division for the six months to end‑June, the second‑highest since the 2022 Ukraine crisis and $1bn above analysts’ forecasts.

Other major traders also posted record results. Trafigura reported $4.1bn for the six months to March, boosted by the conflict that began in late February, while Mercuria saw its net profit double to its second‑highest first‑half ever. The fighting has created huge volatility in fuel prices — conditions under which oil traders generally thrive.

Glencore, which also produces coal and copper, handles about 4.2mn barrels of oil equivalent per day. Copper output rose 15% year‑on‑year, though coal guidance was trimmed. Shares rose 4% after the production report, though analysts noted the outlook remains uncertain given the fast‑changing Middle East situation.