Oil Stocks: Trump Holdings Surge Amid Iran Conflict

President Trump’s personal oil and gas investments have increased in value by an average of 43 percent since the end of 2025, according to a report released by Democrats on the Congressional Joint Economic Committee. The document indicates that the president’s holdings in these sectors are now valued between $22.5 million and $81.6 million. This figure represents a substantial jump from the $12.6 million to $46 million range reported at the close of the previous year. The data relies on financial filings submitted to the Office of Government Ethics, which requires officials to report transaction ranges rather than exact figures.

Between March and the end of August, the president purchased between $4.7 million and $17.5 million in oil and gas stocks. During that same period, he sold between $2 million and $5.4 million in these assets. The report notes that these figures do not include transactions from September or October, meaning the total value and volume of trades may be higher. Chevron and ExxonMobil constitute the largest portions of these specific holdings. The president owns up to $23.1 million in Chevron stock and up to $18.4 million in ExxonMobil shares. Both companies saw their stock prices rise by nearly 25 percent and 22 percent, respectively, since February 20.

Energy stocks have risen sharply as the conflict with Iran has pushed oil and gasoline prices to multi-year highs. Nationwide, the average cost of a gallon of regular gas has climbed from $2.87 in early February to $4.29 currently. Diesel prices have increased from $3.68 per gallon to $6.28. The global benchmark for crude oil, Brent, is currently hovering above $115 a barrel, a level it did not reach before the war began on February 28. Democrats on the committee estimate that American families have spent an average of $856 more on gas since the conflict started.

White House spokesman Davis Ingle stated that the president’s portfolio is managed independently by third-party financial institutions. Ingle said the holdings are maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes. "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," Ingle said. He added that all investment decisions are made entirely by independent managers, asserting that there are no conflicts of interest.

Sen. Maggie Hassan, the top Democrat on the Joint Economic Committee, expressed concern over the timing of the trades. "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," Hassan said. She noted that the president’s actions raise major concerns about conflicts of interest given his ownership of stocks in companies that benefit from his policy decisions. The White House maintains that the president does not make trading decisions himself, though he mentioned in a July 2026 interview that his son, Eric Trump, also handles his finances.

Presidents and members of Congress are permitted to own, buy, and sell stocks while in office, subject to insider trading laws. The president has executed thousands of stock and securities trades this year, with a total net worth estimated by Forbes to be roughly $7 billion as of September. Energy trades represent a small portion of his overall wealth. However, specific transactions have drawn attention, such as a sale of between $500,000 and $1 million in ExxonMobil stock on April 7. This occurred the same day the president declared a ceasefire, and the company’s share price closed at $163.91 before opening down over 6 percent the following day.

The conflict has stymied oil exports in the region, particularly in the Strait of Hormuz. While some traffic has been restored, the disruptions and uncertainty have continued to drive up prices. The president has taken steps to lower fuel costs, including a deal to purchase Russian diesel fuel and a move to invoke the Defense Production Act to spend $150 million to boost gasoline and diesel production. U.S. Ambassador to the United Nations Mike Waltz told the Financial Times that the war could last another year, though he hopes Iranian leaders come to the table before that deadline.