Trump's oil stock trades continued during Iran war, filings show

President Trump's investment accounts actively traded oil and natural gas stocks throughout the U.S. war with Iran, according to his financial disclosure filings. While overseeing the conflict, which experienced periods of escalation and ceasefire, Trump's accounts engaged in buying and selling energy stocks valued at hundreds of thousands of dollars.

Democrats on the Joint Economic Committee estimate that the value of Trump's holdings in oil and gas companies saw a substantial increase. Their analysis suggests these holdings grew from a range of $13 million to $46 million at the beginning of the year to between $17 million and $61 million by mid-August. These estimates are based on his stock holdings from 2025 and do not account for subsequent trades.

Energy stocks experienced a surge during this period, which included U.S. operations in Venezuela and the war with Iran. Despite the active trading, the White House maintains that President Trump is not involved in these investment decisions. They assert that independent managers handle his stock portfolio, and he does not influence the timing of purchases or sales.

One notable transaction occurred on April 7, the day Trump declared a ceasefire in the Iran war. His accounts reportedly sold between $500,000 and $1 million of ExxonMobil stock. The company's share price closed at $163.91 on that day before opening down 6.5% the following morning. Throughout the first half of the year, Trump also bought and sold shares of Chevron, ConocoPhillips, and other energy companies.

Trump has declined to place his assets in a blind trust, meaning he retains visible assets within his spheres of influence. This practice, holding individual stocks rather than diversified funds, contrasts with the typical approach for presidents seeking to avoid potential conflicts of interest. The Office of Government Ethics requires officials to report stock transactions exceeding $1,000 within 45 days, though records indicate Trump was late in filing some of his 2026 transactions.