Conflict in the Middle East helped drive up revenue at Glencore Ltd., the company announced this week, with pre-tax revenues increasing by 86 per cent in the first half of 2026. That translated to net income rising to US$4.4 billion, compared to a loss of around US$600 million at the same time in 2025. “We delivered another strong operational and financial performance for the first half of the year,” Glencore CEO Gary Nagle said in an Aug. 5 statement. Middle East tensions The first half of “2026 was characterized by the significant repricing of energy and closely related markets and risks, following escalation of the Middle East conflict. What began the year as a relatively well-supplied energy complex quickly shifted towards a focus on security of supply and access to physical commodities.” The company is making progress on increasing copper production, producing one million tonnes a year with a target of reaching 1.36 million tonnes by the end of 2028. The surge in revenue means the commodities giant reduced its net debt to US$10.2 billion, a reduction of US$1 billion. Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. It has more than 140,000 employees and contractors in more than 30 countries – including Greater Sudbury. Read the full breakdown here.
