Investments in the oil and gas sector have brought US President Donald Trump between $1.5 and $4.4 million since the start of the war with Iran, according to CNBC.

“Throughout the first six months of fighting, Trump’s investment accounts continued aggressively trading energy stocks. Between the eve of the war, on Feb. 27, and Aug. 31, his nine largest oil and gas holdings gained approximately $1.5 million to $4.4 million, according to a CNBC analysis of his annual financial disclosure, quarterly corporate reports and FactSet market data,” CNBC reports

CNBC identified the nine holdings by aggregating Trump’s year-end 2025 positions in the same oil and gas companies across his investment accounts and ranking them by their disclosed value. They are: Chevron, ConocoPhillips, Exxon Mobil, Kinder Morgan, Marathon Petroleum, Occidental Petroleum, Phillips 66, Valero Energy, and the Williams Companies.

“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 told CNBC in response to questions about Trump’s energy investments. “All investment decisions are made entirely by independent managers. There are no conflicts of interest.”