Trump's oil portfolio swells by up to $35 million as Iran war drives gas prices higher

President Trump’s personal holdings in oil and gas stocks are now valued between $22.5 million and $81.6 million, a jump from a range of $12.6 million to $46 million at the end of 2025. This data comes from a report released by Democrats on the Congressional Joint Economic Committee.

The Democratic minority found that the stocks in the president’s portfolio have increased in value by an average of 43% since late 2025. The analysis relies on data from LSEG Data Analytics and the president's financial filings with the Office of Government Ethics. Filers are required to report transaction ranges rather than precise amounts, which accounts for the wide valuation brackets.

Between March, after the war with Iran began, and the end of August, the president purchased between $4.7 million and $17.5 million in oil and gas stocks. In the same period, he sold between $2 million and $5.4 million in similar securities. The report notes that these figures may not reflect the full extent of his holdings, as transactions for September and October have not yet been reported.

While the president’s energy wealth grows, the average cost of a gallon of regular gas has risen to $4.29. This is up from $2.87 in early February, before the conflict started. Diesel prices have climbed even steeper, reaching $6.28 per gallon from a pre-war cost of $3.68. Democrats on the committee estimated that American families have spent an average of $856 more on gasoline since the war began.

On Saturday night in Georgia, Trump told a crowd that U.S. oil and gas companies are making hundreds of billions of dollars due to the Middle East conflict. He claimed that oil prices are temporarily high and will fall dramatically once the war ends. He added that his advisers had told him not to mention the industry's profits from the chaos.

White House spokesman Davis Ingle stated that the president’s portfolio is independently managed by third-party financial institutions. Ingle emphasized that Trump and his family do not direct investment decisions, which are made by computer-based model portfolios that replicate recognized indexes. However, Trump told CNBC in July that his son, Eric Trump, also helps handle his finances.

Chevron and ExxonMobil represent the largest portion of the president’s energy holdings. He owns up to $23.1 million in Chevron stock and up to $18.4 million in ExxonMobil. Since February 20, Chevron’s stock price has grown by nearly 25%, while ExxonMobil’s has risen by nearly 22%. Energy companies listed on the S&P 500 have jumped more than 50% since the start of the year, outpacing the broader index’s 11% gain.

In August, Trump criticized ExxonMobil and Chevron for making too much money on fuel profits. He said he disliked the high earnings but called himself a big free enterprise guy. A notable transaction occurred on April 7, the day he declared a ceasefire, when his accounts sold between $500,000 and $1 million of ExxonMobil stock. The stock closed at $163.91 that day and opened down over 6% the next morning.