Geopolitical dividends? Trump's oil and gas holdings could realize a profit of up to $15.5 million within the year. The Democratic Party plans to investigate his trading activities after regaining control of Congress.

A report by Democratic staffers of the U.S. Congress Joint Economic Committee indicates that due to a significant rise in energy stocks during the Iran war, President Donald Trump's holdings in oil and gas stocks could appreciate by as much as $15.5 million this year. According to the 2025 financial disclosure report, Trump holds oil and gas stocks valued between $12.5 million and $45.6 million. The committee estimates that as of August 17, these holdings have risen by an average of about 39% this year, raising the valuation range to between $17.2 million and $61.1 million. Trump's largest reported energy stock holdings include Exxon Mobil Corporation (XOM.US) and Chevron Corporation (CVX.US), while his reported holdings in Valero Energy Corporation (VLO.US) and Marathon Oil Corporation (MPC.US) have doubled since the beginning of the year. The committee's analysis assumes that Trump continues to hold the assets disclosed at the end of last year. Federal disclosure rules require that asset declarations provide only broad ranges rather than exact amounts, making it impossible to accurately calculate his actual earnings. White House spokesperson Davis Engel responded, saying, "Neither President Trump nor any of his family members have the authority to direct, influence, or provide any opinion on the configuration of the portfolio or the timing of trades. All investment decisions are made entirely by independent managers." Trump's team has stated that his investment funds are held in a discretionary account managed by independent Financial Institutions, Inc., which has "exclusive and sole authority" over investment decisions. The team indicated that Trump and his family do not receive advance notice of transaction details and do not participate in specific investment decisions. Trump's team did not respond to requests for comments regarding this report. Conflict of Interest Controversy Intensifies The release of this report has further intensified external scrutiny of Trump's unusually large and actively traded investment portfolio. Democrats have stated that if they regain control of either chamber of Congress in the midterm elections in November, they will initiate an investigation into Trump's stock trading activities. Media reports indicated that Trump disclosed over 21,000 securities transactions in 2025, involving eight investment accounts, with total assets of at least $858 million. Democratic staffers of the committee also discovered that Trump increased his holdings in oil and gas stocks by as much as $3.6 million in the first quarter of 2026, including shares of Chevron Corporation purchased within weeks of U.S. actions against Venezuela. The Democratic staff report associates these earnings with the rise in oil prices during the Iran war and estimates that profits for major oil and gas producers in the first half of 2026 will be about $125.2 billion, while U.S. consumers have spent approximately $71.5 billion extra on gasoline since the outbreak of the war.