Anglo-Swiss commodity trading giant Glencore saw energy trading emerging as its biggest growth driver in H1 2026, earning 66 times more from what it did in 2025, joining other major commodity traders profiting from market turmoil created by the Iran war.
Glencore booked USD 2.66 billion in first-half adjusted earnings before interest and taxes (EBIT) from trading on Wednesday (August 5), up from just USD 40 million a year earlier.
With this, the commodity major joined the trading desks of European oil majors BP, Shell, TotalEnergies and rival trading house Trafigura in reaping billions in profits this year.
Crude, fuel and LNG prices hit all-time record or multi-year highs earlier 2026 as the Iran war halted tanker traffic leaving the Gulf, with strategically important chokehold Strait of Hormuz becoming the biggest geopolitical leverage for Tehran and Washington.
“The Oil and Gas department was the primary contributor, which benefited from significant dislocations across LNG, oil and shipping markets,” Glencore CEO Gary Nagle said.
Glencore’s first-half results put it on track to rebound from three straight years of lower earnings from energy marketing. The trading volumes surged to around 5.2 million barrels per day of crude and fuels, about 24% more than its 2025 average.
For the H2, Glencore said that significant inventory drawdowns had left oil markets increasingly sensitive to disruptions.
Glencore is also moving ahead with its planned secondary listing in Australia, a move, that as per the company, signals a push to tap one of the world’s fastest-growing pools of institutional capital to fund its copper growth ambitions and potentially pave the way for transformational M&A.
As per Nagle, Glencore can achieve inclusion in Australia’s benchmark ASX 200 index within 12 months, requiring about AUSD 1.5 billion of market capitalisation, before qualifying for the larger ASX 100 index, which requires roughly AUSD 5.5 billion of shares trading on the Trans-Tasman country’s market.
The CEO said investors had shown strong interest in an Australian listing, particularly after Glencore’s failed merger talks with Rio Tinto earlier this year.
“There have been requests from many investors to meet with us after some of the discussions that had happened about Rio,” he told reporters, While talking about his visit to Australia in March and April, that reportedly generated strong interest from large pension funds.
Australia’s biggest pension fund, AustralianSuper, said in May that a Glencore ASX listing would be “positive” for both the exchange and the company.
Nagle also said existing Australian shareholders faced limits on how much they could invest overseas, with a local listing potentially unlocking access to more capital.
While Nagle said that Glencore’s focus would be on organic copper growth, an ASX presence could smooth the path for future Australian deals by increasing the commodity giant’s visibility among local investors, aligning its shareholder base, in the process, more closely with Rio Tinto’s.
“Glencore is looking at an Australian listing to access mining-friendly investors, or perhaps at least make their name more well known if Rio Tinto and Glencore decide to have a go again at merging,” RBC Capital Markets analysts said.
Nagle told the media that a secondary listing in Australia would make no difference to any potential merger with Rio.
For the ASX, landing an USD 87 billion global miner and commodities trader in the form of Glencore would be a massive development, adding a big name to a resources sector that has lost players through consolidation. Realising the opportunity’s potential, ASX has already expressed its “delight” in Glencore choosing the Trans-Tasman country for market listing.
Glencore plans to increase copper production to about 1.6 million metric tons by 2035 from 810,000 to 870,000 tons expected in 2026, requiring substantial capital investment.
“The company’s net capital expenditure was USD 4 billion in the H1 alone, including investments across its copper portfolio to secure land access, growth opportunities and operational flexibility,” Nagle said.
“The Australia listing would strengthen Glencore’s profile in one of our most important operating jurisdictions, broaden its shareholder base and improve trading liquidity,” he said further.
Glencore’s Australian operations include copper, zinc and nickel operations, although thermal coal remains its biggest business in the Trans-Tasman country. Australia is the world’s second-largest exporter of thermal coal, with Glencore being the commodity’s largest producer.