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 Iran war, 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.
"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," White House spokesman Davis Ingle said. "All investment decisions are made entirely by independent managers."
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 Trump Organization didn't respond to a request 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 in 2025 across eight investment accounts, 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.
