Shares of Glencore and Rio Tinto climbed sharply on Monday, riding a wave of higher commodity prices triggered by escalating geopolitical tensions in the Middle East.
The mining giants joined a broader rally across the resource sector as investors priced in the risk of supply disruptions following reports that US President Donald Trump has ordered the reinstatement of a naval blockade on Iranian ports.
The move marks a significant escalation in US-Iran relations, reigniting fears of supply chain bottlenecks that have not been seen at this intensity in recent years.
Markets responded swiftly, with spot gold prices surging as safe-haven demand intensified.
Simultaneously, energy benchmarks Brent crude and WTI posted sharp gains, reflecting the immediate impact of potential shipping route closures on global energy flows.
For diversified miners like Glencore and Rio Tinto, the spike in commodity prices provides a direct tailwind to revenue expectations, particularly in their metals and energy divisions.