Trump's oil and gas stocks gained millions during Iran war

Washington —  As President Trump boasts astir however overmuch wealth the U.S. lipid and state manufacture is making from the warfare with Iran, the president's idiosyncratic holdings successful lipid and state are present worthy betwixt $22.5 cardinal and $81.6 million, compared with $12.6 cardinal to $46 cardinal astatine the extremity of 2025, according to a caller study by Democrats connected the Congressional Joint Economic Committee. 

The stocks the president holds person accrued successful worth by an mean of 43% since the extremity of 2025, the Democratic number said, based connected information from LSEG Data Analytics. The study besides recovered the president purchased betwixt $4.7 cardinal and $17.5 cardinal successful lipid and state stocks betwixt March, aft the warfare began, and the extremity of August, which is the astir precocious disposable data. He besides sold betwixt $2 cardinal and $5.4 cardinal successful lipid and state stocks successful the aforesaid timeframe, the number found. 

The study was obtained exclusively by CBS News and is based connected the president's fiscal filings with the Office of Government Ethics. Filers are lone required to study transaction ranges, not circumstantial amounts. 

But arsenic Americans are paying importantly higher state prices owed to downstream effects from the war, Mr. Trump connected Saturday nighttime successful Georgia bragged that U.S. lipid and state companies are "making hundreds of billions of dollars." 

"And portion lipid prices are temporarily precocious and volition beryllium falling dramatically successful a abbreviated play of time, arsenic soon arsenic that war's over, due to the fact that there's truthful overmuch oil," helium told the crowd. "All successful the Hormuz Strait, determination are ships waiting to come, we're getting them retired truthful fast. The United States lipid and state concern is making hundreds of billions of dollars. … Our state is making hundreds of billions of dollars due to the fact that of what's happened successful the Middle East."

The president added that his advisers told him not to notation however overmuch wealth the lipid and state manufacture is making from the chaos successful the Middle East. 

The wealthiest idiosyncratic to service arsenic president, Mr. Trump has a immense banal portfolio with holdings successful each sectors of the economy. He has executed thousands of banal and securities trades this year, worthy hundreds of millions of dollars, CBS News has previously reported. The White House says Mr. Trump doesn't marque trading decisions himself, and his wealth managers effort to replicate large banal indices.

"President Trump lone acts successful the champion interests of the American nationalist – which is wherefore they overwhelmingly reelected him to this office, contempt years of lies and mendacious accusations against him and his businesses," said White House spokesperson Davis Ingle. 

Ingle said Mr. Trump's banal and enslaved portfolio is "independently managed by third-party fiscal institutions" and each his holdings are "maintained successful discretionary accounts and invested done computer-based exemplary portfolios that automatically replicate recognized indexes."

"Neither President Trump nor immoderate subordinate of his household has immoderate quality to direct, influence, oregon supply input regarding however the portfolio is invested oregon erstwhile investments are bought oregon sold," Ingle added. "All concern decisions are made wholly by autarkic managers. There are nary conflicts of interest." 

Energy stocks person surged arsenic the Iran warfare pushed lipid and gasoline prices to their highest levels successful years, driving profits for oil companies. The stock prices of vigor companies that are listed connected the S&P 500 jumped much than 50% since the commencement of the year, easy outpacing the broader S&P 500's astir 11% jump.

In aboriginal February, earlier the Iran warfare began astatine the extremity of February, nationwide, the mean outgo of a gallon of regular state was $2.87, and a gallon of diesel outgo $3.68. Now, eight months later, it's $4.29, with diesel astatine $6.28 per gallon. The planetary benchmark for crude oil, Brent, is besides hovering supra $115 a barrel, compared to little than $75 the time earlier the warfare began.

"Trump's Iran War has forced Americans to wage overmuch much astatine the pump portion Big Oil rakes successful profits and the president's ain banal wealthiness successful the lipid and state manufacture continues to balloon," said Sen. Maggie Hassan of New Hampshire, the apical Democrat connected the Joint Economic Committee. "As Trump — the country's highest ranking nationalist worker — continues to ain and commercialized stocks successful companies that basal to payment from his decisions, his actions rise large concerns astir conflicts of interest."

Presidents, vice presidents and members of Congress are allowed to own, bargain and merchantability stocks portion successful office, though insider trading laws inactive apply. 

The number said the president's banal purchases oregon full worth whitethorn beryllium adjacent higher, since helium has not yet reported transactions for September oregon October. 

Among the 9 stocks that marque up the largest lipid and state holdings successful Mr. Trump's portfolio, Chevron and ExxonMobil correspond the astir important portion. He owns up to $23.1 cardinal successful Chevron banal and up to $18.4 cardinal successful ExxonMobil, which saw their banal prices turn astir 25% and astir 22% successful value, respectively, since Feb. 20. 

Democrats connected the committee estimated American families person spent an mean of $856 much connected state since the warfare began. 

There are occasional reminders that pronouncements the president makes impact policies. In August, Mr. Trump called retired ExxonMobil and Chevron by sanction for making "too overmuch money" connected substance profits.

"They're making excessively overmuch money, okay?" helium said successful the Oval Office. "Based connected a shortage, they're making excessively overmuch money. I don't similar it. And I should beryllium the past 1 to accidental due to the fact that I'm a large escaped endeavor guy, cipher bigger." 

Energy banal purchases and income marque up a tiny information of the president's wide nett worth, which Forbes estimated to beryllium astir $7 cardinal arsenic of September. 

In August, CBS News reviewed the president's lipid and state trades. One notable ample transaction was connected April 7, the time the president declared a ceasefire successful the war. His concern accounts sold betwixt $500,000 and $1 cardinal of ExxonMobil stock, according to a fiscal disclosure study Mr. Trump filed successful precocious June. The company's stock price closed astatine $163.91 connected April 7, earlier Mr. Trump announced the ceasefire that evening, and it opened down implicit 6% astatine $153.52 connected April 8.

The cost of living continues to beryllium a apical contented for voters. 

Last week, Mr. Trump accused Iran of trying to thrust up lipid prices up of adjacent week's U.S. elections. 

"Iran is doing everything they tin to thrust up the terms of Oil anterior to the U.S. Midterm Election," helium wrote connected Truth Social. "They are adjacent making up fake hits, mines, and everything else, due to the fact that much Oil is coming done the Hormuz Strait present than it did adjacent anterior to the opening of the Conflict."

Since Mr. Trump launched the warfare with Iran connected Feb. 28, the struggle has stymied lipid exports successful the region, peculiarly successful the Strait of Hormuz. Oil shipments from the Middle East person climbed since past arsenic exporters look for alternate routes and immoderate postulation successful the strait is restored. But the disruptions, constricted proviso and uncertainty person pushed up prices, adjacent successful the U.S., which is the world's largest exporter of full lipid products.  

The president has made immoderate efforts to bring down substance prices, including by making a woody with Russia to acquisition Russian diesel substance and waiving sanctions helium had conscionable signed into law. But that substance from Russia, a arguable move, is simply a drop successful the bucket of the United States' monolithic demand, and does small to little diesel prices. 

On Thursday, the president announced helium would invoke the Defense Production Act to walk $150 cardinal to boost gasoline and diesel production. 

Mr. Trump has said state prices volition "drop done the floor" erstwhile the warfare is over, but adjacent if that's the case, it's not wide erstwhile the warfare volition end. 

The president has not ruled retired restarting strikes connected Iran aft the midterms. U.S. Ambassador to the United Nations Mike Waltz told the Financial Times the warfare could past different year, though helium said helium hopes the Iranian leaders "come to the table" earlier that. 

This communicative published first connected CBS News astatine 9:30 a.m. connected Oct. 26, 2026.