The mining and trading giant asked directors for permission to breach standard risk limits as geopolitical chaos sent energy and metals prices surgingWhen markets go haywire, the traders who move fastest tend to win. Glencore, the Swiss-headquartered commodities giant, apparently decided early in the US-Iran conflict that its standard risk guardrails were leaving money on the table, and went to its board to ask for permission to lift them. AdvertisementThe company sought formal waivers from its board of directors allowing traders to take on positions larger than their normal limits permitted, according to reporting from Bloomberg. The request came during the early days of the US war on Iran, a period when energy and metals markets were swinging violently enough to make normal trading limits look like an obstacle rather than a safeguard. That figure already surpasses what the company earned from trading across the entire calendar year of 2025.