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President Trump's investment accounts actively traded oil and natural gas stocks through the second quarter of 2026 while he oversaw military operations involving Iran, according to Office of Government Ethics filings. The transactions involved hundreds of thousands of dollars in shares of major energy companies including ExxonMobil, Chevron, and ConocoPhillips. Democrats on the Joint Economic Committee reported that the president's energy holdings increased significantly in estimated value between January and mid-August, driven by energy sector gains amid geopolitical conflict. The White House stated that independent third-party managers control the portfolio using automated model portfolios without the president's direct involvement or knowledge. Critics argue that retaining individual stocks creates potential conflicts of interest during global instabilities affecting energy prices. Ethics watchdogs contend public officials should avoid financial ties to industries impacted by foreign policy decisions, whereas financial experts note the trading volume reflects automated tax-loss harvesting strategies common across institutional accounts.