US President Donald Trump actively traded oil and gas stocks during the Iran war, with the value of his holdings rising by as much as $4.4 million after the conflict began. The photo is an AI-generated image Trump posted to his social media account Sunday, local time, depicting himself trading stocks at the White House. (Trump's social media account)
US President Donald Trump actively traded oil and gas stocks during the Iran war, with the value of his holdings rising by as much as $4.4 million after the conflict began. The photo is an AI-generated image Trump posted to his social media account Sunday, local time, depicting himself trading stocks at the White House. (Trump's social media account)

US President Donald Trump actively traded oil and gas stocks during the Iran war, with the value of his holdings rising by as much as $4.4 million after the conflict began.

CNBC reported Wednesday, local time, that Trump held shares in nine major oil and gas companies at the end of last year. Their combined value rose by about $1.5 million to $4.4 million between the Feb. 27 close, the day before the Iran war began, and the Aug. 31 close.

Trump's investment account carried out at least 23 trades tied to the nine companies during the war, through June 29. Some of the trades occurred around moments when Trump's own remarks or decisions caused global oil prices and energy shares to swing sharply.

Two days after the war began, on March 2, Trump's account purchased shares in major energy companies including ExxonMobil. Global oil prices plunged more than 10 percent on March 23 after Trump said he would delay airstrikes on Iranian energy facilities. That day, the account made 16 separate purchases of oil and gas shares, totaling an estimated $163,000 to $570,000.

On April 7, shortly before the announcement of a two-week truce with Iran, Trump's account sold off a large volume of ExxonMobil shares. The truce was announced about two and a half hours after that day's market close. ExxonMobil shares fell more than 6 percent the next trading day, a decline Trump's account avoided.

CNBC said it found no evidence that Trump or his investment managers traded with advance knowledge of policy decisions. In response, the White House said neither Trump nor his family is involved in stock trading decisions, adding that independent managers make all investment decisions.

Government ethics watchdogs, however, criticized the situation as a conflict of interest. They said a president with substantial financial stakes in energy companies should not be making policy decisions that directly affect the market.


kate01@heraldcorp.com