Commodity producer and trading giant Glencore reported a sharp rise in first-half profit on Wednesday, with higher oil and copper prices and heightened market volatility boosting revenues and trading results.

Glencore said net income attributable to equity holders rose to $4.405 billion in the first half of the year, compared with a $655 million loss in the same period of 2025. Adjusted core earnings, or EBITDA, increased 86% to $10.1 billion, while revenue climbed 49% to $174 billion.

As previously guided last week, Glencore said marketing adjusted earnings before interest and tax (EBIT) more than doubled to $3.3 billion. The company said the 142% year-on-year increase reflected “the materially disrupted energy, freight and other markets during the period.”

Glencore had said last week that it expected its marketing division to generate $3.3 billion in profit, citing extreme market volatility during the Iran war as a source of windfall earnings for energy commodity traders. The company said the volatility seen over the past five months has put trading profit on track for what could be its best year ever if energy markets continue to move sharply in the months ahead.

Glencore’s highest full-year marketing EBIT to date was recorded in 2022, when the Russian invasion of Ukraine disrupted energy flows and markets and pushed oil prices to $120 per barrel. In that year, the company reported record adjusted EBIT of $6.4 billion in marketing, up 73% from the previous year. Glencore said at the time that the result was driven primarily by its energy teams navigating extreme market imbalances, volatility and dislocations across crude oil, LNG, refined products, coal and logistics infrastructure.

For the full year 2025, Glencore reported adjusted EBIT of $2.9 billion in its marketing segment.

Chief Executive Gary Nagle said Glencore expects market volatility to remain above historical averages for parts of the second half of 2026, although at lower levels than those seen in the first half. For investors and industry watchers, the update underscores how closely Glencore’s trading arm is tied to swings in energy and freight markets, even as the company’s mining and marketing operations continue to serve customers across commodities and regions.

“This backdrop continues to highlight the value of the Group's marketing, logistics and risk management capabilities, enabling us to efficiently source, transport and deliver essential energy and metals products to customers around the world,” Nagle said.

By Tsvetana Paraskova for Oilprice.com