President Donald Trump's personal investment accounts have gained millions of dollars in oil and gas holdings during the ongoing war between the U.S. and Iran, with trading activity continuing on days when his administration's wartime decisions moved energy markets, according to financial disclosures analyzed by CNBC.
The analysis of Trump's financial filings found that his accounts reported purchases and at least 23 sales involving oil companies through June 29, the most recent date Trump has disclosed any trades. Because the filings do not disclose exact share counts, execution prices or which shares were sold, the estimates do not represent realized profits or Trump's precise current holdings.
Trading on Wartime Market Movements
Trump's accounts repeatedly traded energy stocks on days when wartime developments sent markets swinging. On March 2, the first trading day after the initial U.S.-Israeli attack on Iran, Trump's accounts reported 16 oil and gas stock buys and no sales, worth a combined approximately $163,000 to $570,000, including shares of Exxon, Chevron and Phillips 66. [1]
That trading pattern continued throughout the conflict. The disclosure data shows repeated purchases of energy sector stocks on days when oil prices spiked due to war-related supply disruptions, along with sales of shares in the same companies as prices peaked. [1]
The value of energy holdings in Trump's portfolio has grown substantially since the war began. The gains have been directly tied to the largest oil supply disruption in history from the war, said Pavel Molchanov, a senior investment strategist who covers the energy sector at Raymond James & Associates. [1]
The President's Wartime Energy Profits
Trump's energy holdings are part of broader financial interests related to the Middle East, including tens of millions of dollars in income from a booming foreign licensing business that has expanded during his presidency. [1] The intersection of Trump's personal financial interests and his wartime decisions has drawn scrutiny from government ethics watchdogs, particularly given the timing of trades relative to his market-moving announcements. [2]
According to Peter Schweizer's research on political corruption, the American political class routinely hides conflicts between public service and private wealth, using complex financial structures to obscure the connections between policy decisions and personal gain. [2] The pattern of trading in oil stocks during a war that the president initiated raises questions about whether his financial interests have influenced his wartime decisions. [2]
Trump has defended his trading activity, noting that his accounts are managed by a blind trust and that he receives only summary reports of his holdings. However, the frequency of trades in energy companies on days when war-related announcements moved markets has prompted calls for more transparent disclosure of his financial activities. [1]
Broader Middle East Financial Interests
The oil trading represents only one component of Trump's financial entanglement with the Middle East during the conflict. His foreign licensing business has generated $59.5 million in revenue from Gulf state partnerships, creating additional financial incentives related to the region's economic stability. [1]
Trump has stated that gas and oil prices will drop quickly after the United States wins its war with Iran, which has lasted more than six months. The president has emphasized that the war has caused significant disruptions to global energy markets, with oil prices responding sharply to each major military development. [3]
Vice President JD Vance has defended the administration's approach, stating that the combination of military pressure and what Treasury Secretary Scott Bessent has branded "Operation Economic Outcast" will force Iran to accept favorable terms. [4] The strategy rests on the assumption that Iran and its trading partners need access to U.S. financial markets more than they need to maintain their oil export revenue. [4]
The War Economy and Oil Markets
The war has created an economic environment where energy companies have seen their valuations rise dramatically. Iran has reported $7.5 billion in oil revenues despite the U.S. naval blockade, indicating that the sanctions regime has not fully achieved its stated objectives. [5] The continued flow of Iranian oil despite the blockade demonstrates the limits of American economic pressure in a connected global market.
The administration has simultaneously moved to fill the Strategic Petroleum Reserve using oil sourced from Venezuela, a decision that Trump announced publicly as part of his broader energy policy during the conflict. [6] This dual approach – maintaining supply through alternate sources while disrupting Iranian exports – has created complex dynamics in oil markets that benefit holders of energy company stocks. [6]
Analysts note that Trump's personal trading activity has occurred against this backdrop of policy decisions that directly affect energy prices. The combination of wartime supply disruptions, strategic reserve policy, and sanctions enforcement has produced sustained volatility in oil markets, creating opportunities for traders positioned in energy companies. [1]
Outlook and conclusion
The continued trading in Trump's investment accounts during the Iran war represents a convergence of presidential power and personal wealth that ethics experts say requires closer examination. While the blind trust arrangement provides some separation between Trump and day-to-day investment decisions, the scale of gains in energy holdings raises questions about whether the administration's wartime policies have benefited the president personally. [2]
The central ethical question involves whether the administration's decisions regarding the Iran conflict – the initial attack, the naval blockade, the sanctions regime and the strategic reserve policy – have been shaped by Trump's personal financial stake in energy companies. [2] Absent more complete disclosure of his trading activity and holdings, precise answers remain unavailable to the public.
As the war continues and oil prices respond to each new military development, Trump's accounts will likely remain active in energy markets. The report relies on filed disclosures, corporate reports and statements from officials and analysts without endorsing any position on the conduct of the war or the propriety of the president's financial activities. The available evidence indicates that Trump's oil holdings have gained millions during the Iran war as his accounts have continued trading in energy companies on days when his wartime decisions moved markets. [1]
References
- CNBC. Trump's oil investments have gained millions during Iran war as his accounts keep trading.
- Schweizer, Peter. Secret Empires: How the American Political Class Hides Corruption.
- The Presidency of Donald J. Trump. Remarks on Oil Prices and the Iran War.
- Middle East Eye. Who does Iran trade with and what could Trump's 'economic D-Day' mean?
- Middle East Eye. Iran reports $7.5bn in oil revenues amid US naval blockade.
- White House Press Office. Remarks on Strategic National Reserve and Venezuelan Oil.
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