London, March 2, 2026, 09:08 GMT — Regular session
- Glencore climbed 0.6% at the open in London, company data showed.
- Oil surged, rattled by the Iran conflict, which stoked supply fears and dented risk appetite.
- Glencore-Merafe put the retrenchment process in South Africa on hold until March 31, following an improved offer on power tariffs.
Shares of Glencore (GLEN.L) ticked up 0.6% to 537.3 pence in early London trading Monday, based on the company’s delayed price tracker at 0850 GMT.
Oil markets swung wildly as Iran’s involvement in the conflict injected fresh uncertainty into supply and inflation outlooks, sending prices surging. Brent crude surged close to 10%, quoted at about $79.90 a barrel, while U.S. crude jumped 8.2% to $72.64, according to Reuters data. OPEC+, which counts Russia among its ranks, signed off on a relatively mild 206,000-barrel-per-day boost for April. “The disruption to global energy supply is substantial … this clearly adds upside risks to the oil price,” said Michael Langham, emerging markets economist at Aberdeen Investments. Reuters
Asia, which accounts for the largest share of global oil demand, is feeling the brunt of that supply threat, Reuters reported. Middle Eastern crude makes up around 60% of the region’s imports. According to the agency, after ship insurers pulled war-risk coverage, about 200 vessels anchored near the Strait of Hormuz and tanker traffic has already slowed. “Risk aversion from shippers is a real phenomenon,” Citi analysts said in a note. Reuters
The backdrop is key for Glencore, which straddles the physical market as both miner and trader. Swings in energy, shipping, or insurance costs can jolt the company in either direction.
But South Africa drew its own spotlight. The Glencore‑Merafe Chrome Venture hit pause on a Section 189 retrenchment process—South Africa’s formal layoff consultation—holding off until March 31 as Eskom tabled a 62 South African cents per kWh electricity tariff. “The specific terms and conditions of the proposed tariff are critical,” the venture noted, emphasizing that any commitments shouldn’t be “unduly onerous”. Engineering News
Ferroalloy smelters burn through a lot of electricity, and profitability often comes down to the power rate. Investors want to see whether the proposed deal keeps operations going—without saddling the venture with costly take‑or‑pay contracts.
Still, that early jump in the shares might not last. Should tanker routes clear fast or the market shifts to seeing the supply shock as containable, crude prices could pull back, leaving commodity-linked stocks with less backing.
Glencore will release its first-quarter production numbers on April 30, according to the company’s corporate calendar. The annual general meeting lands on May 28.
