Rio Tinto reported better-than-expected second-quarter iron ore sales of 85.3 million tons from its Pilbara operations, sending its shares up as much as 2.8% to a one-week high.

First-half sales reached 157.7 million tons, up 5% year-on-year, yet the company must deliver a much stronger second half to reach its 2026 target of 323-338 million tons. 

Higher fuel costs from the US-Israeli regional confrontation have raised expenses, though production and supply chains remain unaffected, and the company keeps its 2026 cost guidance unchanged. 

The miner is monitoring the Strait of Hormuz and maintaining contingency plans for any escalation.