US President Donald Trump speaks during a meeting with travel industry executives in the Oval Office of the White House in Washington, DC, on September 2, 2026.
Trump's Top Oil Stocks Have Made Him Up to $4.4 Million Richer During Iran War: Analysis
Trump growing richer off his own war leaves many Americans "wondering where national policy ends and private financial interest begins," said one critic.
An analysis published by CNBC on Wednesday estimates that President Donald Trump has grown millions of dollars richer thanks to the illegal war with Iran he launched more than six months ago.
CNBC calculated its estimate by examining the nine largest fossil fuel company holdings listed in the president's annual financial disclosure, and found that their value increased by between $1.5 million and $4.4 million since the start of the war.
"Trump’s accounts reported purchases and at least 23 sales involving the nine companies through June 29, which is the most recent date Trump has disclosed any trades," reported CNBC. "Because the filings do not disclose exact share counts, execution prices, or which shares were sold, the estimates do not represent realized profits or Trump’s precise current holdings."
CNBC also found no evidence that Trump was making trades based on advanced knowledge of his own decisions.
Even so, the findings show that Trump has benefited financially from a war he started without any authorization from the US Congress.
Donald Sherman, president and CEO of government watchdog Citizens for Responsibility and Ethics in Washington, told CNBC that Trump growing richer off his own war leaves many Americans "wondering where national policy ends and private financial interest begins."
Scott Greytak, deputy executive director of Transparency International US, told CNBC that shouldn't be let off the hook even if he is not personally executing fossil fuel stock trades.
"[Trump] knows he is heavily invested in energy,” Greytak said. "Trump likely knows where his money is parked and would still see the upside when his administration’s actions send those [energy] stocks climbing."
CNBC's analysis of Trump's gains due to the war might be overly conservative.
A report released last month by Democrats on the US Congressional Joint Economic Committee estimated the president's wealth has increased by as much as $15.5 million since January thanks to his investments in oil and gas stocks.
While the war has driven up the values of fossil fuel companies, it has also hit US consumers directly in their wallets by raising the price of oil, diesel fuel, and gasoline.
The price of Brent crude surged back over $100 per barrel for the first time in weeks during Wednesday trading. Data published by the American Automobile Association on Wednesday shows that the average price of diesel fuel in the US hit another record high of $5.94 per gallon, while the price of gas increased to $4.22 per gallon.
According to the most recent estimate from Brown University's Watson School for International Public Affairs, the Iran War has now cost Americans more than $101 billion in additional fuel expenses, averaging more than $776 per US household.
During the 2024 presidential campaign, Trump vowed that he would "cut the price of energy and electricity in half" over the span of just a year.
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An analysis published by CNBC on Wednesday estimates that President Donald Trump has grown millions of dollars richer thanks to the illegal war with Iran he launched more than six months ago.
CNBC calculated its estimate by examining the nine largest fossil fuel company holdings listed in the president's annual financial disclosure, and found that their value increased by between $1.5 million and $4.4 million since the start of the war.
"Trump’s accounts reported purchases and at least 23 sales involving the nine companies through June 29, which is the most recent date Trump has disclosed any trades," reported CNBC. "Because the filings do not disclose exact share counts, execution prices, or which shares were sold, the estimates do not represent realized profits or Trump’s precise current holdings."
CNBC also found no evidence that Trump was making trades based on advanced knowledge of his own decisions.
Even so, the findings show that Trump has benefited financially from a war he started without any authorization from the US Congress.
Donald Sherman, president and CEO of government watchdog Citizens for Responsibility and Ethics in Washington, told CNBC that Trump growing richer off his own war leaves many Americans "wondering where national policy ends and private financial interest begins."
Scott Greytak, deputy executive director of Transparency International US, told CNBC that shouldn't be let off the hook even if he is not personally executing fossil fuel stock trades.
"[Trump] knows he is heavily invested in energy,” Greytak said. "Trump likely knows where his money is parked and would still see the upside when his administration’s actions send those [energy] stocks climbing."
CNBC's analysis of Trump's gains due to the war might be overly conservative.
A report released last month by Democrats on the US Congressional Joint Economic Committee estimated the president's wealth has increased by as much as $15.5 million since January thanks to his investments in oil and gas stocks.
While the war has driven up the values of fossil fuel companies, it has also hit US consumers directly in their wallets by raising the price of oil, diesel fuel, and gasoline.
The price of Brent crude surged back over $100 per barrel for the first time in weeks during Wednesday trading. Data published by the American Automobile Association on Wednesday shows that the average price of diesel fuel in the US hit another record high of $5.94 per gallon, while the price of gas increased to $4.22 per gallon.
According to the most recent estimate from Brown University's Watson School for International Public Affairs, the Iran War has now cost Americans more than $101 billion in additional fuel expenses, averaging more than $776 per US household.
During the 2024 presidential campaign, Trump vowed that he would "cut the price of energy and electricity in half" over the span of just a year.
- Oil Giants' Profits Soar as Trump's Iran War Estimated to Deliver $1 Trillion Hit to World Economy ›
- Big Oil Stocks Surged Due to Iran War—and New Filings Show How President Trump Cashed In ›
- Thanks to Trump's Iran War, Big Oil Raking in $30 Million Per Hour in Windfall Profits ›
- 'It Should Be Illegal': Trump's 1,156 July Stock Trades Involved AI, Big Oil, Weapons-Makers, and More | Common Dreams ›
- Trump Strikes 'Deal With the Devil' for Russian Diesel as High Prices Hinder GOP in Midterms | Common Dreams ›
An analysis published by CNBC on Wednesday estimates that President Donald Trump has grown millions of dollars richer thanks to the illegal war with Iran he launched more than six months ago.
CNBC calculated its estimate by examining the nine largest fossil fuel company holdings listed in the president's annual financial disclosure, and found that their value increased by between $1.5 million and $4.4 million since the start of the war.
"Trump’s accounts reported purchases and at least 23 sales involving the nine companies through June 29, which is the most recent date Trump has disclosed any trades," reported CNBC. "Because the filings do not disclose exact share counts, execution prices, or which shares were sold, the estimates do not represent realized profits or Trump’s precise current holdings."
CNBC also found no evidence that Trump was making trades based on advanced knowledge of his own decisions.
Even so, the findings show that Trump has benefited financially from a war he started without any authorization from the US Congress.
Donald Sherman, president and CEO of government watchdog Citizens for Responsibility and Ethics in Washington, told CNBC that Trump growing richer off his own war leaves many Americans "wondering where national policy ends and private financial interest begins."
Scott Greytak, deputy executive director of Transparency International US, told CNBC that shouldn't be let off the hook even if he is not personally executing fossil fuel stock trades.
"[Trump] knows he is heavily invested in energy,” Greytak said. "Trump likely knows where his money is parked and would still see the upside when his administration’s actions send those [energy] stocks climbing."
CNBC's analysis of Trump's gains due to the war might be overly conservative.
A report released last month by Democrats on the US Congressional Joint Economic Committee estimated the president's wealth has increased by as much as $15.5 million since January thanks to his investments in oil and gas stocks.
While the war has driven up the values of fossil fuel companies, it has also hit US consumers directly in their wallets by raising the price of oil, diesel fuel, and gasoline.
The price of Brent crude surged back over $100 per barrel for the first time in weeks during Wednesday trading. Data published by the American Automobile Association on Wednesday shows that the average price of diesel fuel in the US hit another record high of $5.94 per gallon, while the price of gas increased to $4.22 per gallon.
According to the most recent estimate from Brown University's Watson School for International Public Affairs, the Iran War has now cost Americans more than $101 billion in additional fuel expenses, averaging more than $776 per US household.
During the 2024 presidential campaign, Trump vowed that he would "cut the price of energy and electricity in half" over the span of just a year.
- Oil Giants' Profits Soar as Trump's Iran War Estimated to Deliver $1 Trillion Hit to World Economy ›
- Big Oil Stocks Surged Due to Iran War—and New Filings Show How President Trump Cashed In ›
- Thanks to Trump's Iran War, Big Oil Raking in $30 Million Per Hour in Windfall Profits ›
- 'It Should Be Illegal': Trump's 1,156 July Stock Trades Involved AI, Big Oil, Weapons-Makers, and More | Common Dreams ›
- Trump Strikes 'Deal With the Devil' for Russian Diesel as High Prices Hinder GOP in Midterms | Common Dreams ›