A congressional report shows the president’s energy investments climbed by millions as pump prices and war tensions rose.
President Donald Trump’s personal holdings in oil and gas stocks grew to between $22.5 million and $81.6 million during the war with Iran, according to a report released Monday by Democrats on the Congressional Joint Economic Committee. That is up from a range of $12.6 million to $46 million at the end of 2025, based on financial filings with the Office of Government Ethics.
The stocks held by the president increased in value by an average of 43% since the end of 2025, CBS News reported from the committee findings. The report also showed that between March and the end of August, Trump purchased between $4.7 million and $17.5 million in oil and gas shares, while selling between $2 million and $5.4 million in energy stocks. Energy equities on the S&P 500 have climbed more than 50% this year, far outperforming the broader index.
Surging fuel prices and consumer costs
The increase in energy stock values comes as Americans pay far more for fuel because of the conflict Trump launched on Feb. 28. Committee Democrats estimated that American households have spent an average of $856 more on gasoline since fighting started.
National average prices for regular gasoline reached $4.29 a gallon, up from $2.87 in early February. Diesel fuel jumped to $6.28 a gallon from $3.68 over the same span. Brent crude oil traded around $115 a barrel on Monday, compared to less than $75 the day before the war began.
At a Saturday rally in Georgia, Trump told attendees that domestic energy firms are making hundreds of billions of dollars from the situation in the Middle East, adding that his advisers warned him not to mention those profits. Senator Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, said the president’s trading and ownership of energy shares raise serious conflict of interest concerns as pump prices remain elevated.
White House defense and portfolio trades
The White House defended the president’s finances, saying third-party institutions manage his investments independently through computer-based models that replicate major market indexes. White House spokesman Davis Ingle stated that Trump and his family cannot direct or influence the portfolio.
“All investment decisions are made entirely by independent managers. There are no conflicts of interest,” Ingle said.
Federal law allows presidents and members of Congress to buy and sell stocks while in office, subject to insider trading rules. Trump’s largest oil and gas assets include Chevron, where he holds up to $23.1 million, and ExxonMobil, where he holds up to $18.4 million. In a July interview with CNBC, Trump also noted that his son Eric Trump handles his finances.
Ethics filings showed Trump’s accounts sold between $500,000 and $1 million of ExxonMobil stock on April 7, the same day he announced a temporary ceasefire in the conflict. ExxonMobil closed at $163.91 that day before opening down more than 6% the next morning after the announcement.
Voter reactions and the road ahead
The economic strain from the war has weighed on the administration ahead of next week’s midterm elections. A national poll showed Trump’s approval rating at 36%, the lowest mark recorded for him in a Fox News survey, even though 95% of self-described MAGA voters continue to back him.
At an Oct. 25 rally in Port Huron, Michigan, loyal supporters said they accepted higher prices as necessary for national security. Others argued that immigration and border control matter more to their vote, while Vice President JD Vance defended the economy and administration policy at earlier campaign stops in the state.
To alleviate fuel pressures, Trump recently invoked the Defense Production Act to direct $150 million toward boosting fuel refining, following an earlier waiver of sanctions to buy Russian diesel. International diplomacy continues as officials from Saudi Arabia, Turkey and Pakistan gathered Monday in Tehran for security discussions, CBS News reported.
Meanwhile, Trump said he has not decided whether to resume military strikes after the midterms. “Now, my question is, do I make a deal with them, or do I finish them off?” Trump said during a Sunday television appearance, while Iranian officials insisted that renewed strikes would not force Tehran to alter its positions.
