Warren Blasts Trump's $15.5M Oil Gains as Iran War Lifts XOM

President Donald Trump's oil and gas stock holdings gained as much as $15.5 million since the Iran war escalated, drawing accusations from Sen. Elizabeth Warren that he is profiting from the conflict.

"Donald Trump held millions in oil and gas company stocks at the end of 2025," Warren said in a post on X Tuesday. "Those stocks are worth as much as $15.5 million more. What happened? He started a war with Iran this year — and sent oil and gas stocks soaring."

The Senate Joint Economic Committee analysis cited by Warren showed Trump held as much as $45.6 million in oil and gas stocks at the end of 2025, now worth up to $61.1 million. Holdings in ExxonMobil Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: COP) and Occidental Petroleum Corp. (NYSE: OXY) rose an average of 39 percent from Jan. 2 through Aug. 17. WTI crude traded near $82 a barrel after falling 3 percent on reports Washington offered to lift Iran sanctions in exchange for reopening the Strait of Hormuz.

The controversy lands as the Iran conflict reshapes global energy markets. Iran has vowed no oil will pass through the Strait of Hormuz, a chokepoint for roughly 20 percent of global crude supply, while Tehran explores a temporary corridor with Oman. Treasury Secretary Scott Bessent has declared an "economic D-Day" against Iran, expanding sanctions across oil, shipping and gold.

Trump's Holdings by Company

The committee's analysis detailed Trump's positions in major producers. His ExxonMobil holdings, reported at $3.18 million to $12.45 million at the end of 2025, grew 32 percent since Jan. 2, bringing the president's estimated stake to between $4.19 million and $16.39 million. Chevron holdings of $2.60 million to $11.35 million rose 30 percent, now worth $3.37 million to $14.76 million.

Occidental Petroleum accounted for $1.02 million to $5.08 million in Trump's portfolio, with the stock up 39 percent year-to-date, lifting his stake to between $1.42 million and $7.08 million. ConocoPhillips contributed $647,008 to $1.43 million, growing 32 percent to between $853,489 and $1.89 million.

Strait of Hormuz Remains Flashpoint

The oil price surge stems from the administration's economic restrictions on Iran and the threat to the Strait of Hormuz. Trump said the waterway had been cleared of mines and was open, but California Gov. Gavin Newsom questioned that claim, pointing to a Truth Social post from last week in which the president said mines had been cleared.

Iran has reaffirmed that participating in U.S.-led economic measures would be considered an act of war. Tehran also vowed no oil will flow through the Strait, though reports suggest the administration is in talks with Oman over a temporary corridor for vessel movement.

The last time the Strait of Hormuz faced a sustained closure threat was in 2019, when tanker seizures and drone attacks pushed Brent above $75 a barrel within weeks. This year's escalation has been more severe, with WTI touching multi-year highs before the recent pullback on de-escalation signals. Airline stocks rallied and Treasury yields fell across the curve as crude dropped 3 percent, reflecting relief across sectors squeezed by elevated energy costs. The United States Oil Fund (NYSEARCA: USO), which tracks WTI futures, traded at $124.98, well below its 52-week high of $154.08.

For investors, the political controversy adds a layer of regulatory risk to an already volatile energy sector. If the conflict de-escalates and sanctions are lifted, oil prices could retreat sharply, pressuring the very stocks that have benefited from the war premium. Conversely, a prolonged closure of the Strait would keep supply constrained and energy prices elevated, sustaining the gains in XOM, CVX, COP and OXY. The coming weeks will be critical: any breakthrough in Iran-Oman talks could trigger a rapid repricing of the war premium embedded in crude futures.

This article is for informational purposes only and does not constitute investment advice.