President Donald Trump's nine largest disclosed oil and gas holdings gained an estimated $1.5 million to $4.4 million from the eve of the Iran war through August 31, according to a CNBC analysis of his annual financial disclosure, quarterly corporate reports, and FactSet market data [1]. The holdings include Chevron, ConocoPhillips, Exxon Mobil, Kinder Morgan, Marathon Petroleum, Occidental Petroleum, Phillips 66, Valero Energy, and the Williams Companies [1]. Trump's accounts continued to buy and sell energy stocks, including Exxon and Chevron, during the conflict, with trades occurring on days when his decisions impacted oil markets [1].
Between February 27 and August 31, Trump's investment accounts reported purchases and at least 23 sales involving the nine companies through June 29, the most recent date for which trades have been disclosed [1]. However, the filings do not specify exact share counts, execution prices, or which shares were sold, so the estimates do not represent realized profits or Trump's precise current holdings [1].
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 [1]. The White House stated that independent managers control the portfolio and that neither President Trump nor any member of his family has the ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold [1]. 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 trading [1].
The Trump Organization did not respond to multiple requests for comment for this story [1].
CONCLUSION
Trump's oil and gas investments saw significant gains during the Iran war, but there is no evidence of improper trading or conflicts of interest according to CNBC's analysis and White House statements. The market impact is notable given the timing of trades and the surge in energy stocks, but all investment decisions are reportedly made by independent managers.