Trump's Energy Portfolio Gains Tens of Millions During Iran Conflict

The president's personal investments in the oil and gas sector have increased in value by an average of 43% since the end of 2025, according to a report from the Democratic minority on the Congressional Joint Economic Committee. The analysis places the current value of these holdings between $22.5 million and $81.6 million, a substantial jump from the $12.6 million to $46 million reported at the close of the previous year. The figures are derived from financial filings with the Office of Government Ethics, which require officials to report transaction ranges rather than exact amounts.

The report, obtained by CBS News, indicates that the president purchased between $4.7 million and $17.5 million in energy stocks between March and the end of August. During this same period, he sold between $2 million and $5.4 million in these assets. The data does not yet include transactions from September or October, meaning the total gains could be higher. Chevron and ExxonMobil constitute the largest portions of these holdings, with the president owning up to $23.1 million in Chevron and up to $18.4 million in ExxonMobil shares.

These portfolio gains coincided with a sharp rise in fuel costs for consumers. Nationwide, the average price of a gallon of regular gasoline climbed from $2.87 in early February to $4.29 by late October. Diesel prices more than doubled, reaching $6.28 per gallon from a previous average of $3.68. Brent crude, the global benchmark for oil, has remained above $115 a barrel, compared to less than $75 the day before the war began in late February. Democrats on the committee estimated that American families have spent an average of $856 more on gas since the conflict started.

President Trump addressed the economic impact of the war during a rally in Georgia on Saturday. He stated that U.S. oil and gas companies are making hundreds of billions of dollars while ships wait in the Strait of Hormuz. "The United States oil and gas business is making hundreds of billions of dollars," he told the crowd. "Our country is making hundreds of billions of dollars because of what's happened in the Middle East." He added that his advisers had suggested he not mention the industry's profits, which he attributed to the temporary nature of high prices.

White House spokesman Davis Ingle maintained that the president does not make trading decisions himself. Ingle described the portfolio as independently managed by third-party financial institutions using computer-based models that replicate major stock indices. "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested," Ingle said. He emphasized that all investment decisions are made by independent managers, asserting there are no conflicts of interest.

The conflict has stymied oil exports in the region, particularly through the Strait of Hormuz, though some traffic has been restored via alternate routes. In response to rising prices, the president announced on Thursday that he would invoke the Defense Production Act to spend $150 million to boost gasoline and diesel production. He also reached a deal with Russia to purchase diesel fuel, a move that waived sanctions he had recently signed into law. Despite these measures, the president has said gas prices will drop dramatically once the war concludes.

Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, expressed concern about the president's trading activity. "Trump's Iran War has forced Americans to pay much more at the pump while Big Oil rakes in profits and the president's own stock wealth in the oil and gas industry continues to balloon," she said. She noted that the president's actions raise major concerns about conflicts of interest given his ownership of stocks in companies benefiting from his policy decisions.