Oil Gains: Trump’s Portfolio Swells Amid Iran Conflict

The value of President Trump’s personal holdings in oil and gas stocks reached a high of $81.6 million, according to a report released by the Democratic minority on the Congressional Joint Economic Committee. This figure stands in contrast to the $46 million upper limit reported for the end of 2025. The report, obtained by CBS News, relies on financial filings submitted to the Office of Government Ethics. These documents require filers to report transaction ranges rather than exact figures.

The data indicates that the average value of the president’s specific energy stocks rose by 43% from late 2025 to the present. Between March and August, the president’s accounts purchased between $4.7 million and $17.5 million in oil and gas securities. During that same period, the accounts sold between $2 million and $5.4 million in those same assets. The committee noted that these figures likely represent a floor, as transactions for September and October have not yet been reported.

Chevron and ExxonMobil constitute the largest portions of the president’s energy portfolio. He holds up to $23.1 million in Chevron shares and up to $18.4 million in ExxonMobil stock. Since February 20, Chevron’s share price has increased by nearly 25%, while ExxonMobil’s value has grown by roughly 22%. These gains align with a broader surge in energy stocks. S&P 500 energy companies have jumped more than 50% this year, outpacing the index’s overall 11% increase.

The rise in stock values coincides with a sharp increase in fuel costs for American consumers. In early February, before the war with Iran began, the national average price for a gallon of regular gas was $2.87. Eight months later, that price stands at $4.29. Diesel prices have climbed from $3.68 per gallon to $6.28. The global benchmark for crude oil, Brent, currently hovers above $115 per barrel, up from less than $75 the day before the conflict started.

Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, stated that the war has forced Americans to pay more at the pump while major oil companies see profits rise. She noted that the president’s actions raise concerns about conflicts of interest because he owns and trades stocks in companies that benefit from his decisions. The committee estimated that American families have spent an average of $856 more on gas since the war began.

The White House maintains that the president’s portfolio is managed independently. Spokesman Davis Ingle said the holdings are kept in discretionary accounts and invested through computer-based models that replicate recognized indexes. Ingle added that neither the president nor any family member can direct investment decisions. He stated that all decisions are made by independent managers and that there are no conflicts of interest.

The president has publicly addressed the issue. On Saturday night in Georgia, he told a crowd that U.S. oil and gas companies are making hundreds of billions of dollars. He claimed that prices are temporarily high but will fall dramatically once the war ends and ships move through the Strait of Hormuz. He also mentioned that his advisers told him not to mention the industry’s profits, a claim he attributed to his desire to appear as a supporter of free enterprise.

Specific trading activity has drawn attention. On April 7, the day the president declared a ceasefire, his accounts sold between $500,000 and $1 million of ExxonMobil stock. The stock closed at $163.91 that day. The following morning, it opened down more than 6% at $153.52. The White House noted that the president does not make trading decisions himself and that his money managers aim to replicate major stock indices.

The conflict has stymied oil exports in the region, particularly in the Strait of Hormuz. While some traffic has been restored and exporters seek alternate routes, constricted supply has pushed up prices. The president has taken steps to lower fuel costs, including a deal to purchase Russian diesel and a waiver of sanctions. On Thursday, he announced plans to invoke the Defense Production Act to spend $150 million to boost gasoline and diesel production. The president has said gas prices will drop through the floor once the war ends, though U.S. Ambassador to the United Nations Mike Waltz told the Financial Times the war could last another year.