Glencore requested board waivers to breach standard risk limits during the early US-Iran conflict. The Swiss commodities giant needed permission for traders to take larger positions than normal guardrails allowed, Bloomberg reported, as energy and metals markets swung hard enough to turn safety limits into profit obstacles.
When volatility spikes, speed matters. Glencore's marketing division pulled in roughly $3.3 billion in earnings before interest and taxes in the first half of 2026 alone. That already exceeds the entire year's 2025 trading earnings. If market disruptions hold through the second half at the same intensity, this could rank among the company's best trading years on record.
The numbers tell the story. Energy and metals prices both surged during the conflict. Glencore's physical logistics network, which moves commodities across stressed global routes, became a real competitive edge when others struggled to shift inventory. Board approval for higher risk positions let traders capitalize on those price swings without hitting internal caps.
This material is informational only and should not be taken as financial advice. Commodity trading involves significant risk.
