Trump's Oil and Gas Investments Surge by Up to $15.5 Million Amid Iran Conflict, Democrats Claim

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President Donald Trump points to someone in the crowd after speaking at a campaign rally for Sen. Darline Graham, R-S.C., at Myrtle Beach Convention Center in Myrtle Beach, South Carolina, Aug. 21, 2026. Saul Loeb | AFP | Getty Images

President Donald Trump's disclosed oil and gas stock holdings potentially saw an increase of as much as $15.5 million this year, as energy shares experienced a significant surge amid the ongoing Iran war. This assertion comes from a new report released by Democratic staff on Congress' Joint Economic Committee.

According to the report, Trump reported holding between $12.5 million and $45.6 million in oil and gas stocks in his 2025 annual financial disclosure. The committee estimates that these holdings grew by approximately 39% on average through August 17, potentially increasing their value to between $17.2 million and $61.1 million.

Key Holdings and Market Performance

Among Trump's largest reported energy investments are major players like Exxon Mobil (XOM) and Chevron (CVX). Additionally, shares of Valero Energy (VLO) and Marathon Petroleum (MPC), which he also holds, have more than doubled in value since the beginning of the year.

The committee's analysis is based on the assumption that Trump maintained the positions disclosed at the end of the previous year. It's important to note that federal disclosures report assets in broad ranges, making it impossible to calculate the exact gains.

Trump Organization's Response

A White House spokesperson, Davis Ingle, stated that neither President Trump nor any family member has the ability to direct, influence, or provide input on the portfolio's investments or the timing of trades. All investment decisions are reportedly made by independent managers.

The Trump Organization has previously emphasized that Trump's investments are managed in fully discretionary accounts by independent financial institutions, which possess sole and exclusive authority over investment decisions. They maintain that Trump and his family receive no advance notice of trades and do not provide input on individual investment choices.

Broader Scrutiny and Political Context

These findings are likely to intensify the scrutiny of Trump's extensive and actively traded investment portfolio. Democrats have indicated they plan to investigate Trump's stock trading activities if they regain control of either chamber of Congress in the upcoming November midterm elections.

Previous reports by CNBC revealed that Trump disclosed over 21,000 securities transactions in 2025 across eight investment accounts, holding at least $858 million in assets. Major financial institutions such as JPMorgan Chase (JPM), Charles Schwab (SCHW), UBS (UBS), and Stephens Inc. have been linked to at least four of these accounts.

The Democratic staff report also suggests that Trump acquired as much as $3.6 million in additional oil and gas stocks during the first quarter of 2026. This includes purchases of Chevron shares made in the weeks following the U.S. operation in Venezuela. The report attributes the gains to rising oil prices during the Iran war, noting that major oil and gas producers collectively earned approximately $125.2 billion in profits during the first half of 2026, while American consumers spent an estimated $71.5 billion more on gasoline since the conflict began.