As President Donald Trump’s wartime directives in Iran repeatedly jolted global markets, his personal energy portfolio surged.

Throughout the first six months of fighting, Trump’s investment accounts continued aggressively trading energy stocks. Between the eve of the war, on Feb. 27, and Aug. 31, his nine largest oil and gas holdings gained approximately $1.5 million to $4.4 million, according to a CNBC analysis of his annual financial disclosure, quarterly corporate reports and FactSet market data.

CNBC identified the nine holdings by aggregating Trump’s year-end 2025 positions in the same oil and gas companies across…