Trump’s oil and gas holdings surge to $81.6 million amid Iran war as Americans face rising fuel costs

President Donald Trump’s personal oil and gas holdings have risen significantly since the end of 2025, reaching an estimated value of between $22.5 million and $81.6 million, compared with between $12.6 million and $46 million at the end of last year, according to a new report from Democrats on the Congressional Joint Economic Committee. According to the Democratic minority, the stocks held by Trump have increased in value by an average of 43% since the end of 2025. The findings are based on data from LSEG Data Analytics.

The report also found that Trump purchased between $4.7 million and $17.5 million in oil and gas stocks between March, after the war started, and the end of August, the latest period for which data was available. During the same timeframe, he sold between $2 million and $5.4 million in oil and gas stocks. CBS News exclusively obtained the report, which is based on Trump’s financial disclosures filed with the Office of Government Ethics. The filings require individuals to report transactions within value ranges rather than disclose exact amounts.

The findings come as Americans face substantially higher gasoline prices amid the economic effects of the war. On Saturday night in Georgia, Trump boasted about the financial gains being made by the US oil and gas industry. "And while oil prices are temporarily high and will be falling dramatically in a short period of time, as soon as that war's over, because there's so much oil," he told the crowd. "All in the Hormuz Strait, there are ships waiting to come, we're getting them out so fast. The United States oil and gas business is making hundreds of billions of dollars. … Our country is making hundreds of billions of dollars because of what's happened in the Middle East."

Trump also said his advisers had warned him against discussing the amount of money the oil and gas industry was making amid the turmoil in the Middle East. The wealthiest person to have served as president, Trump maintains a broad stock portfolio with investments across multiple sectors of the economy. CBS News has previously reported that he has executed thousands of stock and securities transactions this year, involving hundreds of millions of dollars. The White House has said Trump does not personally make investment decisions and that his money managers seek to replicate major stock market indexes.

"President Trump only acts in the best interests of the American public, which is why they overwhelmingly reelected him to this office, despite years of lies and false accusations against him and his businesses," said White House spokesman Davis Ingle. Ingle said Trump's stock and bond portfolio is independently managed by third-party financial institutions and all his holdings are maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes." "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," Ingle added. “All investment decisions are made entirely by independent managers. There are no conflicts of interest.” During a July 2026 interview with CNBC, Trump said his son, Eric Trump, also manages his finances.

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Energy stocks rally as fuel prices rise

Energy stocks have climbed as the Iran war has driven oil and gasoline prices to their highest levels in years, boosting oil companies' profits. Shares of energy companies listed on the S&P 500 have risen more than 50% since the beginning of the year, significantly outperforming the broader index, which has gained approximately 11%. In early February, before the war with Iran began at the end of the month, the national average price of regular gasoline was $2.87 per gallon, while diesel cost $3.68 per gallon.

Eight months later, regular gasoline costs $4.29 per gallon on average, while diesel has reached $6.28 per gallon. Brent crude, the global oil benchmark, is also trading above $115 per barrel, compared with less than $75 per barrel on the day before the war began.

Trump has criticised oil companies over profits

Trump's public statements have occasionally highlighted the influence his comments can have on policy and markets. In August, he singled out ExxonMobil and Chevron, accusing the companies of earning excessive profits from fuel. "They're making too much money, okay?" he said in the Oval Office. "Based on a shortage, they're making too much money. I don't like it. And I should be the last one to say because I'm a big free enterprise guy, nobody bigger."

The president's oil and gas stock transactions account for a relatively small share of his overall wealth. Forbes estimated his net worth at approximately $7 billion as of September. CBS News reviewed Trump's oil and gas transactions in August. One notable transaction occurred on April 7, the day he announced a ceasefire in the war. According to a financial disclosure filed in late June, Trump's investment accounts sold between $500,000 and $1 million worth of ExxonMobil stock that day. ExxonMobil shares closed at $163.91 on April 7, before Trump announced the ceasefire that evening. The stock opened at $153.52 on April 8, a decline of more than 6%.