Trump's oil portfolio up 43% amid Big Oil windfall, pain at the pump

As five global oil majors report a windfall in combined third-quarter adjusted earnings, a Democratic congressional report says Trump's oil and gas holdings have climbed to as much as $81.6 million during the Iran war. With American motorists facing sharply higher fuel bills, the gains may add another dimension to the political debate ahead of the November midterms.

Big Oil cashes in as fuel-supply crisis drives earnings

The world's largest oil companies have reported another exceptionally profitable quarter, with the disruption of energy supplies caused by the Iran war and the Russia conflict pushing refining margins to extraordinary levels.


ExxonMobil, Chevron, BP, Shell and TotalEnergies together recorded adjusted net income of $56.3 billion in the third quarter, surpassing analysts' expectations, according to Bloomberg. Their combined earnings were the third-highest on record. The windfall came on the back of turmoil in the Persian Gulf and Russia that disrupted fuel supplies and sent refining profits soaring.

Also Read | ‘It’s going to get wrapped up soon’: Trump on Iran war, says ‘there’ll never be a nuclear weapon’

The results underline an increasingly uncomfortable divide in the energy market. While consumers are paying substantially more for petrol and diesel, companies that produce and refine petroleum are benefiting from the same supply constraints.

The US Energy Information Administration (EIA) had already documented the extraordinary improvement in refining economics. Its analysis early this month found that American refinery utilisation averaged 95% in the third quarter, with gasoline refining margins more than doubling their year-earlier levels. Margins on distillates, including diesel, and jet fuel nearly tripled.

The disruption of Russian and Middle Eastern refining operations has tightened international supplies of these products. American refiners have consequently benefited from strong demand for their output, including exports to markets struggling to secure fuel.

Also Read | Iran-US draft proposes uranium transfer, Hormuz reopening within 7 days: Report

Trump's oil portfolio nearly doubles in value

The earnings windfall comes just days after CBS News published a report on the performance of Trump's personal investments in the oil and gas industry. The report was based on a new analysis by Democrats on the Congressional Joint Economic Committee.

According to the report, Trump's oil and gas holdings were worth between $22.5 million and $81.6 million, compared with a reported range of $12.6 million to $46 million at the end of 2025. The stocks he held at the end of last year had appreciated by an average of 43%, based on LSEG Data Analytics figures.

CBS News reported that the committee also found that Trump purchased between $4.7 million and $17.5 million in oil and gas stocks between March and August, after the war began on February 28. He sold between $2 million and $5.4 million in the same period. More than 94% of his oil and gas stock purchases this year occurred after the conflict began, according to the committee.

The report examined nine major holdings, with Chevron and ExxonMobil accounting for the largest exposures. Trump's Chevron holdings were estimated at as much as $23.1 million and ExxonMobil at up to $18.4 million. Their share prices had risen nearly 25% and 22%, respectively, since February 20.

Financial disclosures require reporting transactions within dollar ranges rather than revealing exact amounts. The committee therefore calculated estimated portfolio values rather than establishing the precise value of Trump's investments. It also said that the figures could rise further because September and October transactions had not yet been reported. Its estimates incorporated stock purchases, sales and appreciation through October 19.

The committee's analysis also put the additional gasoline expenditure by American families since the war began at an average of $856 per household, with total additional spending estimated at $101 billion.

White House denies presidential involvement in stock trades

The White House rejected the suggestion that Trump personally directs investments or has any influence over the timing of purchases and sales.

Spokesman Davis Ingle told CBS News that the president's stock and bond portfolio was independently managed by third-party financial institutions. He said the holdings were maintained in discretionary accounts and invested through computer-based model portfolios designed to replicate recognised market indices.

"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. He added that all investment decisions were made by independent managers and that there were no conflicts of interest.

Ingle also defended the president's conduct, saying Trump acted in the best interests of the American public and had been re-elected despite what he described as years of false accusations against him and his businesses.

However, the CBS report also mentioned that in a July 2026 CNBC interview, Trump said his son Eric Trump also handled his finances.

The president's broader portfolio is extensive. CBS had previously reported that his investment accounts executed thousands of stock and securities transactions worth hundreds of millions of dollars during the year. Forbes estimated his overall net worth at approximately $7 billion in September. Energy investments constitute only a small part of that wealth.

US presidents, vice-presidents and members of Congress are legally permitted to own, purchase and sell stocks while holding office, although insider-trading laws continue to apply. The existence of investments in companies that could benefit from government decisions does not, by itself, establish unlawful conduct or prove that a policy decision was influenced by personal financial interests.

ExxonMobil sale on ceasefire day

CBS also cited a particularly notable transaction from Trump's investment accounts. On April 7, the day Trump announced a ceasefire in the Iran war, his accounts sold between $500,000 and $1 million worth of ExxonMobil shares, according to a financial disclosure filed in late June.

ExxonMobil closed at $163.91 on April 7, before the president announced the ceasefire that evening. The stock opened at $153.52 the following day, down more than 6%.

Announcements concerning military action and diplomatic developments can move energy markets and the share prices of oil companies. However, CBS's reporting does not claim in any way that Trump personally ordered the sale, knew in advance how markets would react or profited from advance knowledge of the ceasefire. The White House maintains that independent managers control the portfolio.

Trump himself has occasionally criticised the very companies in which he holds investments. In August, he singled out ExxonMobil and Chevron in the Oval Office, saying they were making "too much money" because of fuel shortages. He added that he disliked the situation despite describing himself as a strong supporter of free enterprise.

Americans face a painful rise in fuel bills

The financial gains come against a difficult backdrop for American motorists. CBS reported that average nationwide regular gasoline prices had increased from $2.87 a gallon in early February to $4.29, while diesel had climbed from $3.68 to $6.28.

As per a recent Reuters report, average regular gasoline prices during Trump's second term had edged above the average under Joe Biden -- $3.472 against $3.471 a gallon, according to AAA data. Average diesel prices were also higher, at $4.343 against $4.078. Diesel had reached a record $6.523 on September 22.

The White House has disputed the implication that current supply conditions represent a continuing deterioration. Spokeswoman Taylor Rogers told Reuters that Middle Eastern oil exports had recovered substantially and that fuel prices would fall drastically once the conflict ended. Reuters reported that regional exports reached 24.6 million barrels a day in the week to October 18, their highest level since the war began.

There is also an important qualification to comparisons with Biden's presidency. Energy analyst Patrick De Haan of GasBuddy told Reuters that inflation-adjusted comparisons offer better context. Americans are not spending a record proportion of their income on filling their tanks. Nevertheless, higher fuel costs are feeding into broader inflation concerns. Diesel is particularly consequential because it powers agricultural machinery, freight transport and much of the industrial supply chain.

Iran war, refining profits and the midterms

The relationship between the war and oil-company earnings is particularly important because the current windfall is being driven not simply by expensive crude but by a shortage of refined fuels.

As per Reuters, ExxonMobil earned more from refining than from its traditional upstream exploration and production business for the first time in at least six years. Chevron's downstream earnings also reached their highest level in that period.

ExxonMobil reported adjusted third-quarter earnings of $17.5 billion, beating the $16.6 billion analyst estimate. Its adjusted earnings per share came in at $4.23 against expectations of $4.08. Shell reported adjusted earnings of $10.8 billion, while BP posted underlying replacement-cost profit of $8.46 billion, its highest quarterly result under the company's current reporting measure. Shell also raised its quarterly share buyback programme to $5 billion from $3 billion.

These results demonstrate how disruptions to refining capacity can produce enormous gains even when crude production earnings face pressure. The effective closure of the Strait of Hormuz and attacks on Russian and Saudi refining infrastructure have restricted the supply of diesel and other petroleum products. Exxon and Chevron have benefited from running their refineries at high utilisation rates.

The political implications are arriving at a particularly sensitive moment. Americans vote on November 3 in midterm elections that will determine control of both chambers of Congress. Cost-of-living pressures remain a major concern, and rising fuel prices offer voters a readily visible measure of the economic consequences of the administration's policies.