Trump’s Energy Holdings Rose as Iran War Drove up Costs
WHO:
CBS News - The report was prepared by Democrats on the Congressional Joint Economic Committee; Sen. Maggie Hassan of New Hampshire is the committee’s top Democrat.
CBS News - White House spokesman Davis Ingle said Trump’s portfolio is independently managed and that Trump and his family cannot direct or influence investment decisions.
ABC News - Trump said higher fuel prices were a price worth paying for the war, which he described as necessary to prevent Iran from obtaining a nuclear weapon.
ABC News - Trump said the administration’s harvest fuel relief program would provide $8 billion in support for farmers.
WHAT:
ABC News - Trump said at the 2026 State of the Union address that gasoline was below $2.30 a gallon in most states, $1.99 in some places, and $1.85 in Iowa; the national average was $2.95.
ABC News - During the summer, Brent crude fell to $68 a barrel and gasoline averaged $3.86 a gallon; Brent later fell to $71.57 amid hopes for peace.
ABC News - Trump said after the election oil prices would tumble, and that lower gas prices would take longer than the midterms.
CBS News - Trump said on Truth Social that Iran was trying to drive up oil prices ahead of the U.S. midterm elections, alleging it was fabricating reports of attacks and mines.
Fox News - Trump said he anticipated that the Iran war would raise U.S. oil prices, arguing the war was necessary to prevent Iran from obtaining a nuclear weapon.
CBS News - Trump’s oil and gas holdings were valued at $22.5 million to $81.6 million, up from $12.6 million to $46 million at the end of 2025. Their value rose an average of 43%, according to the committee’s Democratic minority, using LSEG Data Analytics data.
CBS News - From March through the end of August, Trump purchased $4.7 million to $17.5 million in oil and gas stocks and sold $2 million to $5.4 million. The report relied on Office of Government Ethics filings, which disclose transaction ranges rather than exact amounts.
CBS News - Trump held up to $23.1 million in Chevron and up to $18.4 million in ExxonMobil. Their share prices rose nearly 25% and 22%, respectively, since Feb. 20.
CBS News - Democrats estimated U.S. families had spent an average of $856 more on gasoline since the war began. Regular gasoline was $4.29 a gallon and diesel $6.28; Brent crude was above $115 a barrel.
ABC News - The national gasoline average was $4.29 a gallon, compared with $2.98 before the war. Diesel averaged $6.35, up from $3.76 in February; it exceeded $6 in September and reached nearly $6.53.
CBS News - S&P 500-listed energy companies’ share prices rose more than 50% since the start of the year, compared with an approximately 11% gain for the broader index.
CBS News - Forbes estimated Trump’s net worth at roughly $7 billion as of September. The article said energy-stock trades represented a small portion of it.
CBS News - Trump said U.S. oil and gas companies were “making hundreds of billions of dollars”; he also said oil prices would fall after the war.
ABC News - Trump posted that the United States would make money when oil prices rose because it was the world’s largest oil producer. He later urged retailers to lower prices and said, “There will be no gauging, which is totally illegal.”
CBS News - Trump’s investment accounts sold $500,000 to $1 million in ExxonMobil shares on April 7, according to a disclosure filed in late June. The stock closed at $163.91 that day and opened at $153.52 the following day, down more than 6%.
CBS News - Trump said in August that ExxonMobil and Chevron were “making too much money” from fuel profits. The article said presidents, vice presidents and members of Congress may own, buy and sell stocks while in office, subject to insider-trading laws.
WHERE:
Fox News - Trump made the remarks in an interview with Fox 2 Detroit.
CBS News - Trump discussed oil profits at a rally in Georgia; the conflict disrupted Middle Eastern oil exports, particularly through the Strait of Hormuz.
ABC News - Trump discussed energy costs at campaign events in Georgia, North Carolina and Kansas; he also referred to “Freedom Fuel” stations near Philadelphia.
WHEN:
CBS News - The article said the war began Feb. 28; the holdings comparison was with the end of 2025, and the reported stock transactions ran from March through the end of August.
ABC News - The article described the conflict as having lasted nearly eight months and identified Nov. 3 as Election Day.
CBS News - Trump announced a ceasefire on April 7. The report said he had not yet reported September or October transactions.
WHY:
Fox News - Trump said allowing Iran to obtain a nuclear weapon could lead to deaths and energy problems.
CBS News - The articles attributed rising energy costs to the Iran war’s disruption of oil supply, constrained exports and uncertainty; CBS said Americans faced higher fuel prices while oil companies profited.
ABC News - The war-related energy crisis and cost-of-living concerns were described as pressures on households and an issue for voters ahead of the midterm elections.
HOW:
CBS News - Ingle said Trump’s holdings were in discretionary accounts managed by third-party financial institutions, using computer-based model portfolios designed to replicate recognized indexes.
CBS News - The article said Trump pursued lower fuel costs through a Russian diesel deal, sanctions waivers and a Defense Production Act measure to spend $150 million to boost gasoline and diesel production.
ABC News - Trump announced a Russian diesel deal and a harvest fuel relief program as measures to address fuel costs.
(UPDATED October 26, 2026 15:33 UTC)
A Democratic report found that President Trump’s oil and gas holdings rose in value by an average of 43 percent, reaching an estimated $22.5 million to $81.6 million, while his accounts bought millions of dollars in energy stocks during the Iran war. The report said American families had spent an average of $856 more on gasoline since the conflict began, as fuel prices surged and energy companies’ shares climbed; White House spokesman Davis Ingle said Trump’s investments are independently managed and cannot be directed by Trump or his family. Trump has defended the war as necessary to stop Iran from obtaining a nuclear weapon, said higher fuel prices were worth paying and would eventually fall, and pointed to measures including farmer relief and a Russian diesel deal to address costs.
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(UPDATED October 26, 2026 14:48 UTC)
A Democratic report says President Trump’s oil and gas holdings rose an average of 43%, reaching an estimated $22.5 million to $81.6 million, while his accounts bought millions of dollars in energy stocks during the Iran war. The report estimates U.S. families have spent $856 more on gasoline on average since the conflict disrupted oil supplies, with gas at $4.29 a gallon and diesel above $6. Trump has called higher fuel prices a price worth paying to prevent Iran from getting a nuclear weapon, while the White House says independent managers control his investments and his family cannot influence trading decisions.