Trump's Oil Stocks Jump as U.S. Gas Prices Climb During Iran Conflict

American families are paying more at the pump while the financial value of President Donald Trump's oil and gas investments has grown substantially. A report from Democrats on the Congressional Joint Economic Committee, obtained by CBS News on Monday, details how these two trends have run parallel during the eight-month war with Iran. The data shows a direct correlation between rising fuel costs for consumers and the appreciation of the president's specific energy stock portfolio.

The committee calculated that Trump's energy holdings increased in value by an average of 43% since the end of 2025. This growth is based on figures from LSEG Data Analytics. At the end of 2025, the estimated value of these holdings ranged from $12.6 million to $46 million. By the latest disclosure period, that range had expanded to between $22.5 million and $81.6 million. These numbers come from financial disclosures filed with the Office of Government Ethics, which require reporting in value ranges rather than exact amounts.

During the same period, American households faced higher energy bills. Committee members estimated that the average family spent $856 more on gasoline since the war began. Gasoline prices in the United States climbed from $2.87 per gallon in February to $4.29. Diesel prices rose from $3.68 to $6.28 per gallon. Brent crude oil prices also increased from below $75 per barrel to more than $115. The S&P 500 energy sector gained more than 50% this year, while the broader index rose by about 11%.

Trump's investment accounts show specific activity in major energy companies. Chevron and ExxonMobil constitute his largest holdings, valued at up to $23.1 million and $18.4 million respectively. Shares of these companies have risen nearly 25% and 22% since February 20. Between March and the end of August, his accounts purchased between $4.7 million and $17.5 million in oil and gas stocks. They sold between $2 million and $5.4 million during that same window. On April 7, the day Trump announced a ceasefire with Iran, his accounts sold between $500,000 and $1 million in ExxonMobil shares. ExxonMobil stock fell more than 6% at the open the following day.

The White House has pushed back against claims that these financial gains represent a conflict of interest. Spokesman Davis Ingle stated that the president's portfolio is independently managed by third-party financial institutions using automated investment models. Ingle said neither the president nor any family member directs trading decisions or influences how the portfolio is invested. He added that all investment decisions are made entirely by independent managers.

Congressional Democrats argue the opposite. Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, said the war has forced Americans to pay more while Big Oil rakes in profits. She noted that the president's stock wealth in the industry continues to balloon. Hassan stated that as the country's highest-ranking public employee, Trump's ownership and trading of stocks in benefiting companies raises major concerns about conflicts of interest.

Trump has addressed the economic impact of the conflict in public remarks. In Georgia on Saturday, he claimed American oil and gas companies were making hundreds of billions of dollars from the war. He predicted fuel prices would drop sharply once the conflict ended. The previous week, he accused Iran of deliberately driving up oil prices ahead of the November 3 midterm elections. He said on Truth Social that Tehran was fabricating reports of attacks to influence energy markets.

The energy investments represent a small portion of Trump's total wealth. Forbes estimated his overall net worth at approximately $7 billion in September. The timeline for the end of the war remains uncertain. Trump has not ruled out renewed strikes on Iran after the midterms. US Ambassador to the UN Mike Waltz told the Financial Times that the conflict could continue for another year, though he hoped Iranian leaders would come to the table before then.