Sen. Elizabeth Warren (D-CA) accused President Donald Trump of profiting from the conflict in Iran through his investments in major oil and gas companies. A Senate Joint Economic Committee analysis indicates Trump’s holdings in these sectors have gained as much as $15.5 million since the end of 2025.

Portfolio Valuation Surge

The committee report states that Trump held between $3,180,009 and $12,450,000 in ExxonMobil Holdings Corp (NYSE: XOM) at the end of 2025. Following a 32% rise in the stock price from January 2, his estimated holdings grew to between $4,186,256 and $16,389,539.

Similarly, his Chevron Corp (NYSE: CVX) stake, valued between $2,595,010 and $11,350,000 at year-end 2025, surged to between $3,374,012 and $14,757,184 after a 30% gain.

Warren noted that Trump’s total oil and gas portfolio, valued at up to $45.6 million at the end of 2025, is now worth up to $61.1 million. The average value of his holdings in these companies rose 39% from January 2 through August 17.

Geopolitical Context

The criticism follows Trump’s announcement of economic restrictions on Iran. While the President claimed the Strait of Hormuz was cleared of mines and open for trade, Gov. Gavin Newsom (D-CA) questioned these assertions, citing contradictory statements from the President.

Iran has vowed that participating in US economic measures would be considered an act of war. Tehran also stated no oil would pass through the Strait, though reports suggest talks with Oman regarding a temporary vessel corridor are underway.

What the Numbers Show

The data reveals a direct correlation between the geopolitical escalation and the valuation of Trump’s specific energy holdings. With stocks like Occidental Petroleum rising 39% year-to-date, the total portfolio appreciation of $15.5 million represents a significant concentration of wealth generation tied directly to the sector benefiting from supply constraints.

California Gov. Gavin Newsom challenged President Donald Trump's assertion that all mines have been removed from the Strait of Hormuz. The governor's press office questioned the validity of the claim amid ongoing geopolitical tensions.

Key declaration on Strait of Hormuz

Trump announced that all mines have been removed from the Strait of Hormuz, adding that any new mines placed in the strategic waterway will be destroyed. He stated on August 18 that water mines were "removed" or "detonated" and that the strait was open.

Political backlash and verification issues

Gov. Newsom slammed the president for claiming the waterway was free of mines. On Tuesday, the California Governor's Press Office shared a screenshot of Trump's Truth Social post from August 18. The post asked if Trump was lying when he previously said the mines were cleared.

The controversy arises as Iran vowed that not a single drop of oil would flow through the Strait of Hormuz, slamming Washington's economic measures. Vice President JD Vance had earlier claimed oil was moving through the strait and backed Trump's economic pressure on Tehran. Energy Secretary Chris Wright also stated the U.S. was aiding oil movement in the region.

Geopolitical context and diplomatic efforts

The declaration addresses security at one of the world's most critical maritime chokepoints for energy trade. Trump issued new economic measures against Iran, warning countries trading with Tehran could face backlash.

Iran and Oman have begun discussions on a temporary navigational corridor through the Strait. They are also exploring a joint project to clear mines from the waterway.

What the Numbers Show

The divergence between official U.S. claims of a fully cleared strait and Iran's vow to block oil flow highlights significant uncertainty in maritime passage security. While administration officials assert oil is moving, the ongoing diplomatic talks between Iran and Oman suggest operational challenges remain unresolved.