According to CoinMeta, and as reported by Reuters, Glencore earned profits of $2.66 billion from energy trading in the first half of 2026, a 66-fold increase from $40 million in the same period last year. U.S. President Donald Trump accused oil giants such as ExxonMobil and Chevron of “making too much money” under high oil prices, which poses a risk to the Republican Party in the upcoming midterms. Glencore shared billions of dollars in profits with BP, Shell, TotalEnergies, and Trafigura among others. Trafigura reported a net profit of $4.1 billion over the six months ending in March. Due to the Iran war causing disruptions in tanker traffic, prices for crude oil, fuel, and liquefied natural gas reached record highs. Glencore CEO Gary Nager stated that the oil and gas sector was a major contributor, benefiting from market disarray. Its trading volume surged to about 5.2 million barrels per day, 24% higher than the average level in 2025. Looking ahead to the second half of the year, Glencore indicated that inventory depletion makes the oil market more sensitive to disruptions.