Glencore has made a sharp turnaround in profit as the Middle East conflict has fuelled commodity trading gains. Gary Nagle, Glencore chief executive, said the turnaround came as the war disrupted oil, refined products, liquefied natural gas and freight markets. This resulted in higher prices and increased volatility. The company said it expects continued strong cash generation in the second half, supported by current commodity prices and higher expected production volumes, particularly steelmaking coal. “Based on the current commodity prices and an expected uplift in H2 volumes, particularly for steelmaking coal, we anticipate continued strong cash generation through the remainder of 2026.