Trump Oil Stock Trades Coincided with Iran Ceasefire, Price Drop

President Donald Trump's investment accounts sold between $500,000 and $1 million of ExxonMobil stock on April 7, the same day he announced a ceasefire in the Iran war, according to financial disclosures reviewed by CBS News and reported by OilPrice.com. Exxon shares opened 6.5% lower the following morning.

The transaction was part of hundreds of thousands of dollars in trades involving Exxon, Chevron, ConocoPhillips and other oil and gas companies during the first half of 2026. These trades occurred through a period where the Iran war and disruption to flows through the Strait of Hormuz drove crude prices and refining margins sharply higher.

The resulting price environment delivered some of the strongest earnings for U.S. oil majors since 2022, which directly benefits their significant operations in North Dakota's Bakken formation. ExxonMobil and Chevron earned a combined $26.5 billion in the second quarter. Exxon reported $14.5 billion in net income, more than double its year-earlier profit, while Chevron reported a record $12.2 billion.

Despite these profits, which stem from the same market forces that buoy Bakken producers, Trump subsequently accused the companies of making “too much money” and demanded they cut fuel prices. The war-driven earnings represent a stark contrast to the president's public criticism.

According to the report, Trump’s accounts executed roughly 3,600 stock and securities trades worth between $212 million and $695 million during the first quarter alone. Democrats on the Joint Economic Committee estimate that his oil and gas holdings increased in value from between $13 million and $46 million at the start of the year to between $17 million and $61 million by mid-August.

The White House stated Trump does not direct the trades. Spokesman Davis Ingle told CBS that the portfolio is managed independently by third-party financial institutions using computer-based model portfolios and that Trump and his family cannot influence when securities are bought or sold.

Trump has not placed his assets in a blind trust, though federal law does not prohibit presidents from trading individual stocks. His energy holdings remain a small portion of his estimated $6 billion fortune.

For Bakken operators and royalty owners, the report highlights the direct link between geopolitical events, major operator profitability, and financial markets. The record quarterly profits for Exxon and Chevron reflect the high-price environment that also supports drilling and production economics across the Williston Basin.