Benefiting from the surge in oil prices, JXTG Nippon Oil & Energy's oil and gas trading department's profits will reach a record high.

Trafigura's oil and gas trading team achieved significant profits amidst the turmoil of the Iran war disrupting the global energy market, with soaring oil prices making the company poised to achieve one of its best trading performances in history. Trafigura on Thursday stated in a trading update that based on its first quarter performance, its trading division's core earnings for the full year are expected to "easily" exceed the upper limit of long-term guidance at $3.5 billion. The division's profit for the full year last year was $2.9 billion. With the war causing significant disruptions in the energy market, commodity traders are reaping huge profits. As the Strait of Hormuz nears closure sparking a global scramble for physical crude oil, prompt delivery crude and fuel cargoes are trading at substantial premiums. Industry leader Vitol Group earlier this month reported a profit of around $2 billion for the first quarter, while the world's second largest oil trader and leading metal trader Trafigura recorded one of its best performing quarters ever in the six months ending in March.