Trump oil and gas stocks gained up to $15.5 million, Democrats say

President Donald Trump’s oil and gas stock holdings may have gained as much as $15.5 million this year, as energy shares surged amid the war with Iran, according to a new report from Democrats on Congress’ Joint Economic Committee.

Trump reported owning between $12.5 million and $45.6 million in oil and gas stocks in his 2025 annual financial disclosure. The committee alleges those holdings rose about 39% this year on average through Aug. 17, putting their estimated value between $17.2 million and $61.1 million.

Among his largest reported energy holdings were Exxon Mobil and Chevron, while shares of Valero Energy and Marathon Petroleum, which he also reported holding, have more than doubled since the beginning of the year.

The committee’s analysis assumes Trump continued to hold the positions disclosed at the end of last year. Federal disclosures report assets in broad ranges rather than exact amounts, making it impossible to calculate his precise gains.

The Trump Organization has previously told CNBC that Trump’s investments are held in fully discretionary accounts managed by independent financial institutions that have “sole and exclusive authority” over investment decisions. It has said Trump and his family receive no advance notice of trades and provide no input into individual investment decisions.

The White House and the Trump Organization didn’t immediately respond to requests for comment.

The findings add to scrutiny of Trump’s unusually large and actively traded investment portfolio. Democrats are expected to investigate Trump’s stock trading if they retake either chamber of Congress in the November midterm elections.

CNBC previously found that Trump reported more than 21,000 securities transactions across eight investment accounts in 2025, which held at least $858 million in assets. CNBC has linked JPMorgan Chase, Charles Schwab, UBS and Stephens Inc. to at least four of those accounts.

Democrats on the committee also concluded Trump bought as much as $3.6 million in additional oil and gas stocks during the first three months of 2026, including purchases of Chevron shares in the weeks following the U.S. operation in Venezuela.

The Democratic staff report links the gains to rising oil prices during the Iran war. It estimated that major oil and gas producers recorded about $125.2 billion in profits during the first half of 2026, while Americans spent an estimated $71.5 billion more on gasoline since the war began.