Major commodity trading houses including Trafigura, Glencore, and Vitol reported record profits in the first half of 2026, driven by the Iran war that disrupted tanker traffic through the Strait of Hormuz. Trafigura posted net profit of $4.1 billion, more than double the same period last year, while Glencore saw its adjusted EBIT surge 6,550% to $2.66 billion. Vitol generated approximately $2 billion in profits in the first quarter alone. The conflict disrupted roughly one-fifth of global oil supply, creating price dislocations that traders exploited. Collectively, trading houses arranged $3 billion in new credit facilities to handle the activity volume generated by the conflict.
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