Democrats say Trump's energy stocks gained up to $15.5 million during Iran war

An analysis by Democrats on Congress' Joint Economic Committee estimates that President Donald Trump's oil and gas holdings gained as much as $15.5 million this year as energy shares rose during the Iran war. The White House says independent managers make his investment decisions.

President Donald Trump's oil and gas stock holdings may have gained as much as $15.5 million this year as energy shares surged during the war with Iran, according to an analysis by Democrats on Congress' Joint Economic Committee.

The committee estimated the holdings were worth between $17.2 million and $61.1 million as of Aug. 17, up about 39% on average. The analysis assumes Trump kept the positions disclosed at the end of last year, and because federal disclosures use broad value ranges, the exact gains cannot be calculated.

The LyondellBasell refinery in Houston in 2024

CBS News reported that, based on the latest Office of Government Ethics data, Trump bought and sold oil and gas stocks worth hundreds of thousands of dollars as the war continued, paused for a ceasefire and resumed. The energy trades make up a small share of his overall net worth.

The White House said the president is not involved in the trades. "All investment decisions are made entirely by independent managers," a spokesman said. The president of the watchdog group Citizens for Responsibility and Ethics in Washington told CBS that Trump should not be making "significant profits on the global instability he's inciting."

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