Trump energy portfolio grows 43% as Iran war drives fuel costs higher
New disclosures show the president's oil and gas holdings increased by tens of millions of dollars while the average US family paid an extra $856 for gasoline.
By Austin Reed ·
President Donald Trump’s investments in the oil and gas sector increased in value by an average of 43% during the eight-month conflict with Iran. A report by Democrats on the Congressional Joint Economic Committee, obtained by CBS News, details this financial growth amid rising domestic fuel costs. The findings are based on financial disclosures filed with the Office of Government Ethics, which require reporting investments in value ranges rather than exact figures.
The war with Iran began in early 2026, coinciding with a sharp rise in energy prices. At the end of 2025, the estimated value of Trump’s holdings ranged from $12.6 million to $46 million. By the time of the latest disclosures, that range had expanded to between $22.5 million and $81.6 million. The committee members also calculated that American families have spent an average of $856 more on gasoline since the conflict started.
Between March and the end of August, the latest period covered by available disclosures, Trump’s investment accounts purchased between $4.7 million and $17.5 million in oil and gas stocks. During the same period, the accounts sold between $2 million and $5.4 million in these assets. Chevron and ExxonMobil represent the largest individual holdings, with values estimated at up to $23.1 million and $18.4 million, respectively. Shares of both companies have risen since February 20, increasing by nearly 25% and 22%, respectively.
The timing of certain trades has drawn attention. On April 7, Trump’s investment accounts sold between $500,000 and $1 million in ExxonMobil shares. This occurred the same day the president announced a ceasefire with Iran. ExxonMobil shares fell more than 6% at the market open the following day. The S&P 500 energy sector has gained more than 50% this year, compared with an approximately 11% rise in the broader index.
Gasoline prices in the United States have climbed from $2.87 per gallon in February to $4.29 per gallon. Diesel prices have risen from $3.68 to $6.28 per gallon. Brent crude oil has increased from below $75 per barrel to more than $115 per barrel. These market shifts occurred while the White House defended the president’s financial arrangements. White House spokesman Davis Ingle stated that the portfolio is independently managed by third-party financial institutions through automated investment models.
Ingle told CBS that neither the president nor any member of his family directs trading decisions. He said all investment decisions are made entirely by independent managers, asserting that there are no conflicts of interest. Ingle added that the president acts in the best interests of the American public, citing their decision to reelect him. This defense comes as congressional Democrats question whether the president’s financial interests conflict with his administration’s decisions regarding Iran.
Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, said the war has forced Americans to pay more at the pump while the president’s stock wealth in the oil and gas industry continues to grow. She noted that as the country’s highest-ranking public employee, Trump continues to own and trade stocks in companies that benefit from his decisions. Trump has predicted that gas prices will drop sharply once the war ends, although the timeline remains uncertain.
US Ambassador to the United Nations Mike Waltz told the Financial Times that the conflict could continue for another year. He expressed hope that Iranian leaders would come to the table before then. Trump has not ruled out renewed strikes on Iran after the November 3 midterm elections. He has also alternately blamed Tehran for driving up oil prices and highlighted the financial benefits of the conflict for US energy companies.
