Trump's oil and gas stocks gained millions during Iran war

Washington —  As President Trump boasts about how much money the U.S. oil and gas industry is making from the war with Iran, the president's personal holdings in oil and gas are now worth between $22.5 million and $81.6 million, compared with $12.6 million to $46 million at the end of 2025, according to a new report by Democrats on the Congressional Joint Economic Committee. 

The stocks the president holds have increased in value by an average of 43% since the end of 2025, the Democratic minority said, based on data from LSEG Data Analytics. The report also found the president purchased between $4.7 million and $17.5 million in oil and gas stocks between March, after the war began, and the end of August, which is the most recently available data. He also sold between $2 million and $5.4 million in oil and gas stocks in the same timeframe, the minority found. 

The report was obtained exclusively by CBS News and is based on the president's financial filings with the Office of Government Ethics. Filers are only required to report transaction ranges, not specific amounts. 

But as Americans are paying significantly higher gas prices due to downstream effects from the war, Mr. Trump on Saturday night in Georgia bragged that U.S. oil and gas companies are "making hundreds of billions of dollars." 

"And while oil prices are temporarily high and will be falling dramatically in a short period of time, as soon as that war's over, because there's so much oil," he told the crowd. "All in the Hormuz Strait, there are ships waiting to come, we're getting them out so fast. The United States oil and gas business is making hundreds of billions of dollars. … Our country is making hundreds of billions of dollars because of what's happened in the Middle East."

The president added that his advisers told him not to mention how much money the oil and gas industry is making from the chaos in the Middle East. 

The wealthiest person to serve as president, Mr. Trump has a vast stock portfolio with holdings in all sectors of the economy. He has executed thousands of stock and securities trades this year, worth hundreds of millions of dollars, CBS News has previously reported. The White House says Mr. Trump doesn't make trading decisions himself, and his money managers try to replicate major stock indices.

"President Trump only acts in the best interests of the American public – which is why they overwhelmingly reelected him to this office, despite years of lies and false accusations against him and his businesses," said White House spokesman Davis Ingle. 

Ingle said Mr. Trump's stock and bond portfolio is "independently managed by third-party financial institutions" and all his 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 added. "All investment decisions are made entirely by independent managers. There are no conflicts of interest." 

Energy stocks have surged as the Iran war pushed oil and gasoline prices to their highest levels in years, driving profits for oil companies. The share prices of energy companies that are listed on the S&P 500 jumped more than 50% since the start of the year, easily outpacing the broader S&P 500's roughly 11% jump.

In early February, before the Iran war began at the end of February, nationwide, the average cost of a gallon of regular gas was $2.87, and a gallon of diesel cost $3.68. Now, eight months later, it's $4.29, with diesel at $6.28 per gallon. The global benchmark for crude oil, Brent, is also hovering above $115 a barrel, compared to less than $75 the day before the war began.

"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," said Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee. "As Trump — the country's highest ranking public employee — continues to own and trade stocks in companies that stand to benefit from his decisions, his actions raise major concerns about conflicts of interest."

Presidents, vice presidents and members of Congress are allowed to own, buy and sell stocks while in office, although insider trading laws still apply. 

The minority said the president's stock purchases or total value may be even higher, since he has not yet reported transactions for September or October. 

Among the nine stocks that make up the largest oil and gas holdings in Mr. Trump's portfolio, Chevron and ExxonMobil represent the most significant portion. He owns up to $23.1 million in Chevron stock and up to $18.4 million in ExxonMobil, which saw their stock prices grow nearly 25% and nearly 22% in value, respectively, since Feb. 20. 

Democrats on the committee estimated American families have spent an average of $856 more on gas since the war began. 

There are occasional reminders that pronouncements the president makes affect policies. In August, Mr. Trump called out ExxonMobil and Chevron by name for making "too much money" on fuel profits.

"They're making too much money, okay?" he said in the Oval Office. "Based on a shortage, they're making too much money. I don't like it. And I should be the last one to say because I'm a big free enterprise guy, nobody bigger." 

Energy stock purchases and sales make up a small portion of the president's overall net worth, which Forbes estimated to be roughly $7 billion as of September. 

In August, CBS News reviewed the president's oil and gas trades. One notable large transaction was on April 7, the day the president declared a ceasefire in the war. His investment accounts sold between $500,000 and $1 million of ExxonMobil stock, according to a financial disclosure report Mr. Trump filed in late June. The company's share price closed at $163.91 on April 7, before Mr. Trump announced the ceasefire that evening, and it opened down over 6% at $153.52 on April 8.

The cost of living continues to be a top issue for voters. 

Last week, Mr. Trump accused Iran of trying to drive up oil prices ahead of next week's U.S. elections. 

"Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election," he wrote on Truth Social. "They are even making up fake hits, mines, and everything else, because more Oil is coming through the Hormuz Strait now than it did even prior to the beginning of the Conflict."

Since Mr. Trump launched the war with Iran on Feb. 28, the conflict has stymied oil exports in the region, particularly in the Strait of Hormuz. Oil shipments from the Middle East have climbed since then as exporters look for alternate routes and some traffic in the strait is restored. But the disruptions, constricted supply and uncertainty have pushed up prices, even in the U.S., which is the world's largest exporter of total oil products.  

The president has made some efforts to bring down fuel prices, including by making a deal with Russia to purchase Russian diesel fuel and waiving sanctions he had just signed into law. But that fuel from Russia, a controversial move, is a drop in the bucket of the United States' massive demand, and does little to lower diesel prices. 

On Thursday, the president announced he would invoke the Defense Production Act to spend $150 million to boost gasoline and diesel production. 

Mr. Trump has said gas prices will "drop through the floor" once the war is over, but even if that's the case, it's not clear when the war will end. 

The president has not ruled out restarting strikes on Iran after the midterms. U.S. Ambassador to the United Nations Mike Waltz told the Financial Times the war could last another year, although he said he hopes the Iranian leaders "come to the table" before that.