Trump oil investments have gained millions during Iran war

As President Donald Trump’s wartime directives in Iran repeatedly jolted global markets, his personal energy portfolio surged.

Throughout the first six months of fighting, Trump’s investment accounts continued aggressively trading energy stocks. Between the eve of the war, on Feb. 27, and Aug. 31, his nine largest oil and gas holdings gained approximately $1.5 million to $4.4 million, according to a CNBC analysis of his annual financial disclosure, quarterly corporate reports and FactSet market data.

CNBC identified the nine holdings by aggregating Trump’s year-end 2025 positions in the same oil and gas companies across his investment accounts and ranking them by their disclosed value. They are: Chevron, ConocoPhillips, Exxon Mobil, Kinder Morgan, Marathon Petroleum, Occidental Petroleum, Phillips 66, Valero Energy and the Williams Companies.

CNBC calculated the range of gains using the minimum and maximum values Trump disclosed for each holding and their share-price changes from market close on Feb. 27 through market close on Aug. 31.

Trump’s accounts reported purchases and at least 23 sales involving the nine companies through June 29, which is the most recent date Trump has disclosed any trades. Because the filings do not disclose exact share counts, execution prices or which shares were sold, the estimates do not represent realized profits or Trump’s precise current holdings.

CNBC found no evidence that Trump or his investment managers traded on advance knowledge of his decisions, that his financial interests influenced policy, or that he directed any specific transaction.

“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,” White House spokesman Davis Ingle told CNBC in response to questions about Trump’s energy investments. “All investment decisions are made entirely by independent managers. There are no conflicts of interest.”

The Trump Organization did not respond to multiple requests for comment for this story. The Trump Organization previously told CNBC that outside financial institutions control individual investment decisions and that Trump’s assets are held in fully discretionary accounts that rely heavily on automated strategies.

Still, the filings are the latest example of Trump holding a multimillion-dollar financial stake in an industry directly affected by his administration’s military and diplomatic decisions.

“When a president can move a market through official decisions and personally benefit from the result, the public is left wondering where national policy ends and private financial interest begins,” said Donald Sherman, president and CEO of Citizens for Responsibility and Ethics in Washington, a liberal-leaning government ethics watchdog.