President Trump's personal oil and gas holdings are now worth between $22.5 million and $81.6 million. At the end of 2025 they were worth $12.6 million to $46 million. That comes from a new report by Democrats on the Joint Economic Committee, a House-Senate panel that studies the economy, which CBS News obtained first 1.
The Democrats say the stocks Mr. Trump holds are up an average of 43% since the end of 2025. They also say he bought between $4.7 million and $17.5 million in oil and gas stocks from March, after the war began, through the end of August. In the same period he sold between $2 million and $5.4 million 1.
The report relies on Mr. Trump's filings with the Office of Government Ethics. Filers report only ranges, not exact amounts, so the figures are estimates 1. The Democrats say the totals could be higher because he has not yet reported September or October trades 1.
What the White House says
White House spokesman Davis Ingle said Mr. Trump's portfolio is "independently managed by third-party financial institutions." He said the accounts follow computer-based model portfolios that copy recognized stock indexes 1.
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There are no conflicts of interest.
Presidents, vice presidents and members of Congress may own, buy and sell stocks while in office. Insider trading laws still apply 1. The report does not accuse Mr. Trump of breaking the law. It raises the question of a conflict of interest.
Prices and the president's own words
The Iran war began Feb. 28. Since then, regular gas has risen from $2.87 a gallon in early February to $4.29. Diesel has gone from $3.68 to $6.28 1. The Democrats estimate families have spent an average of $856 more on gas since the war began 1.
On Saturday night in Georgia, Mr. Trump said the U.S. oil and gas business is "making hundreds of billions of dollars" because of events in the Middle East 1. He also said prices are "temporarily high." Sen. Maggie Hassan of New Hampshire, the top Democrat on the committee, responded to the report.
Trump's Iran War has forced Americans to pay much more at the pump while Big Oil rakes in profits and the president's own stock wealth in the oil and gas industry continues to balloon
His largest oil and gas holdings include up to $23.1 million in Chevron and up to $18.4 million in ExxonMobil. Those stocks are up nearly 25% and nearly 22% since Feb. 20 1. CBS also reported that on April 7, the day Mr. Trump declared a ceasefire, his accounts sold $500,000 to $1 million of ExxonMobil stock. The company's shares opened down over 6% the next day 1.
Not the first report
The same Democrats issued an earlier estimate in August. It put the gain at up to $15.5 million and said he had bought up to $3.6 million more in oil and gas stocks in early 2026. That analysis assumed he kept the positions he disclosed at the end of 2025 2. Ingle gave a similar answer then, saying "All investment decisions are made entirely by independent managers" 2.
Energy companies in the S&P 500 stock index are up more than 50% this year, against about 11% for the index overall 1. Mr. Trump's energy trades are a small part of his net worth, which Forbes put at roughly $7 billion in September 1.
What happens next is unclear. The president has not ruled out restarting strikes on Iran after the Nov. 3 midterm election. U.S. Ambassador to the United Nations Mike Waltz told the Financial Times the war could last another year 1.
That matters because the president's decisions on war, sanctions and fuel policy move oil prices, and he holds stock in companies that profit from those prices. The White House says managers decide the trades, and the filings do not show who made any given one. But voters paying $4.29 for gas days before an election are likely to ask the question.
The Record
- The U.S. war with Iran began, disrupting oil exports through the Strait of Hormuz 1.
- Mr. Trump declared a ceasefire; his accounts that day sold $500,000 to $1 million of ExxonMobil stock, according to his June disclosure 1.
- Joint Economic Committee Democrats estimated his oil and gas holdings had gained up to $15.5 million this year 2.
- A new Democratic report put his oil and gas holdings at $22.5 million to $81.6 million 1.
Sources
- CBS News, “Trump's oil and gas stocks gained millions during Iran war” (2026-10-26). cbsnews.com/news/trump-oil-gas-stocks-gain-millions-iran-war
- Hellenic Shipping News (CNBC report), “Trump's oil and gas stocks gained up to $15.5 million amid Iran war, congressional Democrats say” (2026-08-26). hellenicshippingnews.com/trumps-oil-and-gas-stocks-gained-up
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