A report released by Democrats on the Congressional Joint Economic Committee states that President Donald Trump’s personal oil and gas holdings increased in value by millions of dollars following the start of the conflict with Iran. The analysis, based on financial filings with the Office of Government Ethics, found that the president’s energy holdings were worth between $22.5 million and $81.6 million by late 2026, compared to a range of $12.6 million to $46 million at the end of 2025. The report noted the president purchased between $4.7 million and $17.5 million in energy stocks between March and the end of August.
The White House and the Trump Organization stated that the president does not manage his own trades. White House spokesman Davis Ingle said the portfolio is managed by independent third-party institutions using discretionary accounts and computer-based model portfolios that replicate market indexes. Ingle stated that neither the president nor his family has the ability to influence when investments are bought or sold, asserting there are no conflicts of interest.
Market data shows energy stocks listed on the S&P 500 have risen more than 50% since the beginning of the year, outperforming the broader market as the conflict disrupted supply in the Strait of Hormuz. A CNBC analysis of the president's nine largest energy holdings—including Chevron, ExxonMobil, and ConocoPhillips—estimated gains of $1.5 million to $4.4 million between February 27 and August 31. The report also detailed specific trading activity, such as the sale of between $500,000 and $1 million in ExxonMobil stock on April 7, hours before the president announced a two-week ceasefire. ExxonMobil shares opened 6% lower the following morning.
While his portfolio increased in value, the president publicly criticized energy companies. In August, he stated in the Oval Office that ExxonMobil and Chevron were "making too much money" due to fuel shortages and suggested they should lower consumer prices. On Saturday in Georgia, he told a crowd that the U.S. oil and gas business is "making hundreds of billions of dollars" because of Middle East events, though he predicted oil prices would fall dramatically once the conflict ends.
The reported scale of the president's energy holdings, which represent a portion of a net worth Forbes estimated at $7 billion in September, has led ethics watchdogs to question the use of discretionary accounts. Scott Greytak of Transparency International U.S. stated that such accounts do not function as blind trusts because the owner remains aware of where their money is invested. The reporting highlights how executive decisions, such as the invocation of the Defense Production Act to spend $150 million on fuel production, coincide with industries in which the executive holds significant financial stakes.
What happens next depends on the duration of the conflict and the timing of future financial disclosures. The president has not yet reported stock transactions for September or October, meaning the full extent of his current holdings is not yet known. While the president has expressed hope for falling prices, U.S. Ambassador to the UN Mike Waltz suggested the conflict could continue for another year. The next set of monthly financial disclosures will be required under federal law, which may clarify if trading patterns continued through the October period preceding the midterm elections.