President Donald Trump's oil and gas holdings could be worth as much as $81.6 million amid the Iran war, according to congressional Democrats, as Federal Reserve Chair Kevin Warsh acknowledged mounting fuel costs and their impact on Americans' inflation expectations.

Trump's Energy Holdings Climb Amid War

An October 26 report from Democrats on the Congressional Joint Economic Committee estimated Trump's holdings at $22.5 million to $81.6 million, compared with $12.6 million to $46 million in late 2025. The report, first obtained by CBS News, found that existing energy investments appreciated 43%, while Trump's accounts purchased another $4.7 million to $17.5 million in energy stocks between March and August.

Chevron Corp. (CVX) and Exxon Mobil Corp. (XOM) represent his largest holdings, valued at up to $23.1 million and $18.4 million, respectively. The findings follow earlier criticism of Trump's energy investments.

Warsh Acknowledges Rising Oil Prices

"I am not going to be the guy who says that oil prices haven't gone up. I don't see it," Warsh said, according to a Fox Business social media post. He acknowledged that rising energy costs were pushing up near-term inflation expectations but maintained that businesses and financial markets remained confident in the Federal Reserve's long-term commitment to price stability.

The Federal Reserve held interest rates at 3.75%-4% Wednesday amid elevated inflation. Meanwhile, surging oil prices have lifted energy stocks, while government figures show gasoline averaging $4.29 per gallon, versus $2.87 before the war. Congressional Democrats estimate American households have spent an additional $856 on gasoline since the conflict began.

White House Rejects Conflict Of Interest

Sen. Maggie Hassan (D-N.H.) said Trump's investments raise "major concerns about conflicts of interest," citing the financial benefits energy companies have received as Americans face higher fuel costs. However, White House spokesman Davis Ingle rejected the allegations in a statement shared with CBS, saying independent financial institutions manage Trump's investments through discretionary accounts.

"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 said.

The $81.6 million figure represents an estimated upper valuation, not realized profits, and additional purchases contributed to the increase. Financial disclosures also provide ranges rather than exact amounts. Separately, Warsh did not address Trump's investments or endorse Democrats' allegations.

The administration maintains that lowering fuel costs remains a priority, while Trump has predicted prices will decline when the Iran conflict ends.