CryptoWorld News reports that Glencore’s oil and gas trading division benefits from soaring oil prices and is expected to set a historical record. In a trading update, the company said that, based on its first-quarter performance, the division’s full-year core earnings will “easily” exceed the upper limit of its long-term guidance by $3.5 billion. The company reported $2.9 billion in profit for the entire previous year. As the Iran war disrupts global energy markets, the surge in oil prices has allowed commodity traders to generate substantial profits. With the Strait of Hormuz nearing closure, spot-delivered crude oil and fuel cargoes are trading at significant premiums. Earlier this month, industry leader Vitol said its first-quarter profit was about $2 billion, while Trafigura, the world’s second-largest oil trader, recorded two of its best-performing quarters in history during the six months ended in March.