Trump Oil and Gas Holdings Swelled by Up to $4.4 Million During Iran War

President Donald Trump’s nine largest oil and gas holdings gained between $1.5 million and $4.4 million during the first six months of the Iran war, according to a CNBC analysis.

The findings place renewed scrutiny on the president’s substantial financial exposure to an industry benefiting from wartime price volatility.

CNBC reviewed Trump’s annual financial disclosure, quarterly corporate reports, and market data from FactSet.

Its calculation tracked share price movements from the February 27 market close, the final session before hostilities began, through the August 31 close.

The nine holdings were Chevron, ConocoPhillips, Exxon Mobil, Kinder Morgan, Marathon Petroleum, Occidental Petroleum, Phillips 66, Valero Energy, and the Williams Companies.

Together, they span oil production, refining, pipelines, natural gas transportation, and other critical segments of the United States energy system.

Federal disclosure requirements provide broad value ranges rather than exact share counts, purchase prices, or transaction values.

As a result, the estimated gain represents a range of possible outcomes and should not be interpreted as a precise amount of profit secured by Trump’s accounts.

CNBC found buying activity and at least 23 sale transactions involving the nine companies through June 29, the latest date covered by any available trade disclosure.

The frequency of those transactions intensified questions about how the portfolio was managed as crude prices climbed and geopolitical risk reshaped energy markets.

The outlet said it uncovered no evidence that Trump or his investment managers traded using inside knowledge about presidential decisions.

It also found no indication that Trump’s holdings affected the direction of United States policy toward Iran or the broader conflict.

White House spokesman Davis Ingle told CNBC that Trump had no role in directing the transactions.

"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 said.

"All investment decisions are made entirely by independent managers. There are no conflicts of interest."

Ethics watchdogs challenged the White House position, arguing that independent account management does not remove the president’s knowledge of his financial exposure. They contend that a genuine blind trust would provide a stronger separation between official power and private wealth.

"A discretionary account is a smokescreen, not a blind trust," Scott Greytak, deputy executive director of Transparency International U.S., told CNBC. "Someone else might be executing the trades, but [Trump] still knows he is heavily invested in energy."

One Exxon Mobil transaction attracted particular attention because of its timing.

Financial filings show that a Trump account sold between $500,001 and $1 million in Exxon Mobil shares on April 7, only hours before a consequential White House announcement.

Roughly two and a half hours after markets closed that evening, the White House announced a two week ceasefire with Iran.

Exxon Mobil shares fell more than 6% when trading resumed the following day, placing the earlier sale under an especially harsh spotlight.

The broader financial performance of the companies was formidable.

CNBC’s analysis of corporate filings found that the nine businesses generated a combined second quarter profit of $47.6 billion, triple the $15.9 billion recorded during the corresponding period one year earlier.

Democrats on the congressional Joint Economic Committee produced an even larger estimate covering Trump’s wider oil and gas portfolio.

In an August report, the committee calculated that those holdings had increased in value by as much as $15.5 million since the beginning of the year.

The committee also estimated that American consumers had paid approximately $71.5 billion more for gasoline since the war began.

That increase worked out to about $604 per household, linking the energy market surge to mounting financial pressure on drivers and families.

By Friday, United States crude was trading near $91 per barrel, approximately 36% above its level before the fighting started.

National gasoline prices averaged $4.09 per gallon, while AAA projected that the approaching Labor Day weekend would establish an all time record for fuel costs.

The disclosures reveal a politically combustible contrast between rising household expenses and the increasing value of the president’s energy investments.

Although no one has found evidence of improper trading or policy influence, the scale of the holdings ensures that questions about conflicts, transparency, and presidential financial exposure will remain difficult to dismiss.