Trump's Oil and Gas Holdings Nearly Double to $81.6M During Iran War as Americans Pay Billions More at the Pump

Donald Trump's oil and gas holdings have risen to an estimated $81.6 million (£61.3 million) during the Iran war, nearly doubling their upper-end value at the end of 2025, as American motorists face higher fuel costs.

An analysis published by Democrats on the Congressional Joint Economic Committee (JEC) on 26 October estimates that the value of Trump's energy shares increased by as much as $35.8 million (£26.9 million) this year. The committee also estimates that Americans have spent an additional $101 billion (£75.9 billion) on petrol since the conflict began on 28 February, equivalent to an average of $856 (£642) per family.

The figures highlight the contrasting financial effects of the conflict: rising energy share prices have increased the estimated value of the president's holdings, while households have faced more expensive journeys and transport costs. They do not, however, establish that Trump personally directed trades or that his investments influenced decisions about the war.

Trump's Energy Holdings Have Gained Value

The JEC analysis places Trump's oil and gas holdings between $22.5 million (£16.9 million) and $81.6 million (£61.3 million), compared with a range of $12.6 million (£9.5 million) to $45.8 million (£34.4 million) at the end of 2025. The ranges reflect financial disclosure rules that require transaction values to be reported within brackets rather than as exact sums.

The committee estimates that the value of the shares Trump held at the end of last year increased by an average of 43% during 2026. Its calculations also incorporate disclosed purchases and sales, with the latest stock valuations dated 19 October.

Between March and August, Trump purchased between $4.7 million (£3.5 million) and $17.5 million (£13.1 million) in oil and gas stocks, while selling between $2 million (£1.5 million) and $5.4 million (£4.1 million), according to the analysis. September and October transactions had not yet been fully reported.

Chevron and ExxonMobil account for substantial portions of the portfolio. The committee estimates Trump's Chevron holding at up to $23.1 million (£17.3 million) and his ExxonMobil position at up to $18.4 million (£13.8 million). Other reported holdings include Occidental Petroleum, Kinder Morgan, and ConocoPhillips.

Higher Fuel Prices Are Hitting US Households

US Energy Information Administration figures put the average price of regular petrol at $4.28 (£3.21) per US gallon for the week ending 19 October, compared with $2.87 (£2.15) in early February. Diesel averaged approximately $6.28 (£4.71) per gallon during the October reporting period.

The JEC's $101 billion (£75.9 billion) estimate of additional petrol spending is based on fuel-price and consumption data. Its $856 (£642) household figure is an average, not an amount every family necessarily paid.

Higher fuel costs can also affect household budgets beyond the forecourt. Transport companies and businesses that rely on deliveries may face higher operating expenses, potentially adding pressure to prices across the economy. The extent of those knock-on effects varies by sector and cannot be attributed to petrol prices alone.

White House Says Portfolio Is Independently Managed

The White House says Trump's stock and bond portfolio is managed by independent financial institutions through discretionary accounts designed to replicate recognised market indices. Spokesman Davis Ingle said neither Trump nor members of his family could influence investment decisions or determine when shares were bought and sold.

Trump said in a July 2026 interview with CNBC that his son Eric also handles his finances. The White House has maintained that third-party managers make the investment decisions.

US presidents are permitted to own and trade shares while in office, although insider-trading laws still apply. The growth in Trump's energy holdings does not, by itself, establish that he personally directed trades or broke the law.

Senator Maggie Hassan, the top Democrat on the Joint Economic Committee, argued that rising fuel costs alongside the president's energy investments raised concerns about potential conflicts of interest. The committee's analysis reflects the Democratic minority's assessment; it is not a legal finding that Trump's investments affected government policy.

The figures leave two distinct questions for public scrutiny: how the Iran conflict is affecting the cost of living, and how the financial interests of a sitting president are disclosed and managed while his administration makes decisions with consequences for energy markets.