US President Donald Trump's oil and gas investments have risen sharply in value during the eight-month war with Iran, raising concerns among congressional Democrats about potential conflicts of interest as Americans face higher fuel prices, CBS News reported Monday.

According to a report by Democrats on the Congressional Joint Economic Committee, obtained by CBS, Trump's energy holdings increased in value by an average of 43% since the end of 2025, based on LSEG Data Analytics figures.

The estimated value of his holdings rose from a range of $12.6 million to $46 million at the end of 2025 to between $22.5 million and $81.6 million. Democrats on the committee also estimated that American families have spent an average of $856 more on gasoline since the war began.

The findings were based on Trump's financial disclosures to the Office of Government Ethics, which requires investments and transactions to be reported in value ranges rather than exact amounts.

Between March and the end of August, the latest period covered by available disclosures, Trump's investment accounts purchased between $4.7 million and $17.5 million in oil and gas stocks and sold between $2 million and $5.4 million, according to the committee's members.

Trump's energy holdings rise as fuel prices climbChevron and ExxonMobil account for Trump's largest oil and gas holdings, valued at up to $23.1 million and $18.4 million, respectively, CBS reported. Their shares have risen nearly 25% and 22% since February 20.CBS also reported that Trump's investment accounts sold between $500,000 and $1 million in ExxonMobil shares on April 7, the same day he announced a ceasefire with Iran.

ExxonMobil shares fell more than 6% at the open the following day. The energy investments represent a relatively small portion of Trump's overall wealth, which Forbes estimated at approximately $7 billion in September.

Energy stocks have surged during the conflict, with the S&P 500 energy sector gaining more than 50% this year, compared with an approximately 11% rise in the broader index. Since February, US gasoline prices have climbed from $2.87 to $4.29 per gallon, while diesel prices have risen from $3.68 to $6.28. Brent crude has also increased from below $75 to more than $115 a barrel. White House denies conflicts of interestThe White House rejected allegations of conflicts of interest, saying Trump's investments are managed independently and that neither the president nor his family directs trading decisions.

White House spokesman Davis Ingle told CBS that Trump's financial portfolio is "independently managed by third-party financial institutions" through automated investment models that track established stock indexes."

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 added. "All investment decisions are made entirely by independent managers.

There are no conflicts of interest." Ingle also maintained that "President Trump only acts in the best interests of the American public, which is why they overwhelmingly reelected him to this office, despite years of lies and false accusations against him and his businesses." Trump touts oil industry profits, blames Iran for rising pricesTrump has alternated between highlighting the financial benefits of the conflict for US energy companies and blaming Tehran for rising oil prices.

Speaking in Georgia on Saturday, Trump claimed American oil and gas companies were "making hundreds of billions of dollars" from the conflict and predicted that fuel prices would fall sharply once the war ended. The previous week, Trump accused Iran of deliberately driving up oil prices ahead of the November 3 US midterm elections. In a Truth Social post, he claimed Tehran was fabricating reports of attacks and mines to influence energy markets. Democrats raise concerns over Trump's investmentsThe rise in Trump's energy holdings has drawn criticism from congressional Democrats, who questioned whether his financial interests could conflict with his administration's decisions on Iran."

Trump's Iran War has forced Americans to pay much more at the pump while Big Oil rakes in profits and the president's own stock wealth in the oil and gas industry continues to balloon," said Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee." As Trump, the country's highest-ranking public employee, continues to own and trade stocks in companies that stand to benefit from his decisions, his actions raise major concerns about conflicts of interest." Trump has predicted that gas prices will "drop through the floor" once the war ends, although the timeline remains uncertain.

He has not ruled out renewed strikes on Iran after the midterms, while US Ambassador to the UN Mike Waltz told the Financial Times that the conflict could continue for another year, though he hoped Iranian leaders would "come to the table" before then.