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President Donald Trump has been publicly scolding major oil companies for raking in excessive profits during the US-Iran conflict. He also owns millions of dollars worth of their stock, and his brokerage accounts have been busy buying more.
Transaction reports filed with the Office of Government Ethics show that Trump’s accounts executed thousands of trades in energy stocks during the first quarter of 2026, with a particular focus on Chevron and ExxonMobil. The purchases totaled up to $3.6 million in oil stocks during Q1 alone, with trading activity continuing through June.
Criticizing companies he profits from
On August 3, Trump took aim at ExxonMobil and Chevron, accusing the companies of “making too much money” during the Iran conflict that began in late February. ExxonMobil posted $14.5 billion in Q2 2026 profits. Chevron came in at $12 billion. Both figures were significantly higher than the same period a year earlier, driven by crude price surges tied to geopolitical instability in the Middle East.
Trump’s own oil and gas holdings had appreciated by an average of 39% since the end of 2025, reportedly adding as much as $15.5 million to his net worth.
By mid-August, the Senate Joint Economic Committee’s analysis valued Trump’s energy holdings at somewhere between $12.5 million and $45.6 million. The wide range reflects the broad disclosure brackets required in federal financial filings, which report asset values in ranges rather than exact figures.
The conflict of interest question
The US-Iran conflict escalated in late February, sent crude prices climbing and energy equities along with them. Trump’s brokerage accounts were purchasing oil stocks during precisely this window.
Federal ethics rules require presidents to disclose their financial holdings and transactions, but they do not prohibit a president from owning individual stocks. Previous presidents have typically placed their assets into blind trusts to avoid exactly this kind of scrutiny. Trump has not done so.
Energy sector dynamics
Chevron and ExxonMobil, the two largest US-based integrated oil companies, have been primary beneficiaries. Their Q2 earnings figures, $12 billion and $14.5 billion respectively, reflect a sector operating with strong tailwinds from both pricing and production efficiency gains made over recent years.
The 39% average appreciation that Trump’s holdings saw is roughly in line with broader energy sector gains during the same period, suggesting his portfolio performed comparably to what any investor with heavy energy exposure would have experienced.
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