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President Donald Trump's nine largest oil and gas holdings gained between $1.5 million and $4.4 million in the first six months of the Iran war, according to a CNBC analysis of his annual financial disclosure, quarterly corporate reports, and FactSet market data.
To calculate those gains, CNBC used share-price movements starting at the Feb. 27 close — the day before hostilities began — and ending at the Aug. 31 close. The nine holdings are Chevron, ConocoPhillips, Exxon Mobil, Kinder Morgan, Marathon Petroleum, Occidental Petroleum, Phillips 66, Valero Energy, and the Williams Companies.
According to CNBC, Trump's accounts showed buying activity and no fewer than 23 sell transactions across those nine stocks up to June 29, the last date covered by any trade disclosure on record. Federal disclosure rules require only broad value ranges rather than precise share counts or transaction prices, so the resulting figures capture a span of possible outcomes rather than actual locked-in gains. The outlet said its reporting turned up no indication that Trump or his investment managers had acted on inside knowledge of his decisions, or that his financial stakes had influenced policy.
White House spokesman Davis Ingle told CNBC that Trump plays no role in any trading. "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold," Ingle said. "All investment decisions are made entirely by independent managers. There are no conflicts of interest."