Major energy traders like Vitol, Trafigura, and Mercuria struggled to profit from the Iran war's market chaos in its first weeks. Vitol found over 10 cargoes stranded in the Gulf, while Trafigura had 10 leased ships not carrying its goods. Glencore had one vessel stuck. This disrupted operations and led to initial losses, despite the war typically boosting trader profits. Insurance costs for Gulf ships surged more than sixfold since February 28, crippling cash flow. Vitol secured a $3bn credit facility to cover margins amid the volatility. The closure of the Strait of Hormuz created massive uncertainty, making it hard to secure cargoes and deliver them.

While 2026 is seen as a potential profitable year, the current disruption is unprecedented, forcing traders to secure extra credit lines.