Mint ·
Barrels of Sake and Rooftop Galas: Energy Traders Toast the War Boom
As geopolitical conflict disrupts global supply, commodities brokers and traders are reaping profits.
The crowd gasped as the brokers swung the wooden mallets on the lid of the sake barrel, cracking it open in celebration. “Everyone please give them a hand,” the MC said, as Japanese liquor was passed around.
The party, held in the Rendezvous Hotel, was hosted by BGC Group, a U.S.-listed brokerage whose fortunes have boomed since the Iran war upended global energy markets.
At a separate event across town, BGC Group—the U.S.-listed broker formed two decades ago by current Commerce Secretary Howard Lutnick—celebrated its strong year with the barrel of sake. In recent earnings statements, BGC said that the Iran shock boosted a business that was already performing strongly.
