Commodity trading houses such as Trafigura, Glencore, and Vitol have seen a significant increase in profits due to disruptions in the Strait of Hormuz caused by the Iran war that began in late February.
Trafigura reported a net profit of $4.1 billion for the first half of 2026, more than double its earnings from the same period last year. The company paid a record dividend of $3.05 billion to its approximately 1,400 employee-owners.
Glencore's energy trading division saw its adjusted EBIT for the first half reach $2.66 billion, compared to $40 million in the previous year, representing a 6,550% increase.
Vitol generated approximately $2 billion in profits during the same period's first quarter alone. Gunvor's earnings for the period have already exceeded its total for the full year of 2025, while Mercuria also reported substantial gains.
Trading houses collectively arranged $3 billion in new credit facilities to manage the increased volume of activity. The conflict disrupted roughly one-fifth of the global oil supply passing through the Strait of Hormuz, which is 21 miles wide.
