Trump Oil Holdings Gain as Iran War Drives Fuel Prices Higher

President Donald Trump's investments in the oil and gas industry have increased substantially during the war with Iran, even as American motorists face higher fuel costs. A new report from Democrats on the Congressional Joint Economic Committee estimates that his energy holdings were worth between $22.5 million and $81.6 million, compared with $12.6 million to $46 million at the end of 2025.

The report, obtained exclusively by CBS News, draws on financial disclosures filed with the Office of Government Ethics and stock market data from LSEG Data Analytics. According to the Democratic committee minority, the value of Trump's oil and gas stocks increased by an average of 43% from the end of 2025.

The disclosures also show that Trump purchased between $4.7 million and $17.5 million in oil and gas stocks from March through the end of August, while selling between $2 million and $5.4 million in the same period. The report notes that transactions for September and October had not yet been disclosed, meaning the figures may not reflect his latest activity.

At a rally in Georgia on Saturday night, Trump highlighted the financial gains enjoyed by American energy companies as the conflict disrupted oil supplies and pushed fuel prices higher.

Trump said US oil and gas companies were "making hundreds of billions of dollars."

He also described his expectations for energy prices and the movement of oil shipments through the Strait of Hormuz.

"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," Trump 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."

Trump also said his advisers had discouraged him from discussing the industry's earnings from the conflict. A separate Yahoo report described his remarks as dismissive of the financial pressure facing consumers.

"did not give a damn" about high fuel prices because "we're making a freaking fortune," Trump said, according to Yahoo's account of the rally.

The White House maintains that Trump does not personally direct his investment transactions. Spokesman Davis Ingle defended the president's conduct and rejected allegations that his holdings create conflicts of interest.

"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," White House spokesman Davis Ingle said.

Ingle said the president's investments are handled by outside financial institutions using automated portfolios designed to track recognized market indexes.

"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," Ingle said.

He further argued that neither Trump nor his relatives could influence individual investment decisions.

"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. "All investment decisions are made entirely by independent managers. There are no conflicts of interest."

Energy shares have risen sharply since the conflict began at the end of February, according to the committee report and market data cited by CBS News. Energy companies listed on the S&P 500 gained more than 50% since the start of the year, compared with an increase of roughly 11% for the broader index.

US fuel prices have climbed over the same period. In early February, before the war began, the national average for regular gasoline was $2.87 per gallon and diesel was $3.68. Eight months later, gasoline averaged $4.29 and diesel reached $6.28 per gallon. Brent crude, the global oil benchmark, was trading above $115 a barrel, compared with less than $75 before the conflict.

Democrats on the committee estimated that American families had spent an average of $856 more on gasoline since the war began. Sen. Maggie Hassan of New Hampshire, the committee's top Democrat, argued that the combination of higher consumer costs and the president's investments warranted scrutiny.

"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 also raised concerns about Trump's continued ownership and trading of shares in companies that could benefit from government decisions.

"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," Hassan said.

Trump's largest energy investments include Chevron and ExxonMobil, according to the report. His holdings in Chevron were valued at up to $23.1 million, while ExxonMobil holdings reached up to $18.4 million. Since Feb. 20, their share prices had increased by nearly 25% and nearly 22%, respectively.

The president has previously criticized energy companies for earning substantial profits during the crisis. In August, he singled out ExxonMobil and Chevron while discussing fuel prices at the Oval Office.

"They're making too much money, okay?" Trump said.

He explained that he objected to profits generated amid constrained supplies, despite his support for private enterprise.

"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," Trump said.

US law allows presidents, vice presidents and members of Congress to own, purchase and sell stocks while in office, although insider trading restrictions still apply. The report does not establish that Trump's transactions violated any law.

Energy investments represent a small portion of Trump's overall wealth. Forbes estimated his net worth at approximately $7 billion as of September, while CBS News has previously reported that he executed thousands of stock and securities transactions worth hundreds of millions of dollars during the year.