Financial disclosures from the Office of Government Ethics have revealed that accounts linked to former President Donald Trump actively traded oil, defense, and gold stocks during the Iran war, even as Trump publicly claimed the conflict would end "soon." The filings, covering January through March 2026, document over 3,600 trades worth between $220 million and $750 million.
The trades included major petroleum and gas companies such as Phillips 66, Exxon Mobil, and Chevron, as well as defense contractors Lockheed Martin and General Dynamics—entities poised to benefit from prolonged conflict. The Trump Organization stated that the trades were managed by third-party institutions with "sole and exclusive authority" over investment decisions. A White House spokesperson added that Trump's assets are in a trust managed by his children.
Historical Precedent
Traditionally, modern presidents have avoided active trading to prevent conflicts of interest, opting for blind trusts, index funds, or liquidation. Richard Painter, former chief White House ethics counsel under George W. Bush, called Trump's active trading "unusual" and noted it marks the first public look at such a portfolio in modern presidential history.
"I’ve gone through every president," Painter said. "I don’t think we’ve had any president trade in the stock market."
The filings add complexity to Trump's public narrative on the Iran conflict, raising questions about the alignment between his financial interests and U.S. policy objectives. While not illegal, the active trading contrasts sharply with the ethical norms established by predecessors since Lyndon Johnson in 1963.