President Donald Trump’s latest financial disclosure has triggered renewed scrutiny over presidential ethics after records showed an account in his name purchasing oil, defense and gold-related assets while the White House publicly projected confidence that the Iran conflict would end quickly.
The disclosure, released by the Office of Government Ethics on May 14, detailed thousands of transactions conducted between January and March 2026. Among the most closely watched trades were purchases tied to energy producers, aerospace contractors, Treasury bonds and gold funds during periods of heightened geopolitical tension in the Middle East.
The activity emerged as Trump repeatedly stated publicly that the war with Iran was nearing resolution, even as markets remained volatile and oil prices surged.
Energy and defense stocks bought during market swings
According to the filing, the brokerage account acquired positions in companies including Phillips 66, Exxon Mobil and Chevron on March 23, the same day Trump extended a deadline for Iran to reach a diplomatic agreement with the United States.
Markets reacted sharply after Trump announced that discussions with Iran were “very good and productive,” delaying a threatened escalation in the conflict. Brent crude prices fell almost 11% that day, while energy stocks retreated after weeks of gains linked to fears of supply disruption.
The account also purchased shares connected to the defense sector, including Lockheed Martin and General Dynamics, companies that investors often view as beneficiaries of sustained military activity.
A spokesperson for the Trump Organization told Fortune that outside financial institutions independently manage the accounts and hold “sole and exclusive authority” over investment decisions. The spokesperson added that neither Trump nor members of his family approve or direct specific trades.
White House spokesperson Davis Ingle separately stated that Trump’s assets are held in a trust overseen by his children and said there were “no conflicts of interest.”
The filing documented 3,642 individual trades during the first quarter of 2026, representing an estimated trading volume between $220m and $750m. The report did not always specify whether the transactions involved stocks, exchange-traded funds, or bonds.
Gold and Treasury purchases mirrored rising war fears
The disclosure also showed a broader shift toward defensive assets during the Iran conflict.
On March 2, the first trading day after the war began, the account purchased shares in gold miner Newmont. Days later, after Iran reportedly closed the Strait of Hormuz, the account added exposure to US Treasury bond funds and the iShares Gold Trust.
Additional purchases later in March included international market funds and large cash positions, even as Trump publicly maintained that the conflict was nearing its conclusion.
Ethics experts said the scale and frequency of the transactions stand apart from the approach taken by previous presidents. Richard Painter, a University of Minnesota law professor who previously served as chief White House ethics counsel under President George W. Bush, told Fortune he could not recall another sitting president actively trading public securities while in office.
Modern presidents have historically relied on blind trusts, broad index funds or divestment to avoid the appearance of conflicts between public policy and personal finances. Former President Jimmy Carter famously sold his family peanut business after entering the White House, while Lyndon Johnson introduced the use of presidential blind trusts in the 1960s.
Walter Shaub, the former director of the Office of Government Ethics, had previously criticised Trump’s trust structure during his first administration, arguing that it failed to create sufficient separation between the president and his business interests.
Washington ethics debates are returning to Wall Street
The disclosure arrives at a time when scrutiny of political trading activity has intensified across Washington. Members of Congress from both parties have faced criticism in recent years over stock transactions made during periods of market-moving government action.
According to research from the Congressional Research Service, lawmakers and senior officials have repeatedly faced calls for tighter disclosure rules and trading restrictions after controversies surrounding pandemic-era investments and defense-related holdings.
The Trump filing may also intensify debate over whether current ethics frameworks are equipped to handle modern financial markets, where algorithmic portfolio management and automated trading systems can still create political and reputational risk even without direct intervention from officeholders.
For investors, the disclosures also highlighted how closely markets remain tied to geopolitical developments. Goldman Sachs warned earlier this year that a prolonged disruption in the Strait of Hormuz could significantly tighten global oil supply, affecting energy prices, inflation expectations and central bank policy.
What markets and watchdogs will watch next
The immediate focus is likely to remain on whether additional disclosures reveal continued trading tied to geopolitical events or policy decisions.
While no law explicitly bars a sitting US president from owning or trading securities, the political pressure surrounding perceived conflicts of interest has historically pushed presidents toward more restrictive arrangements.
The broader issue now facing Washington is whether long-standing ethics norms remain sufficient in an era where financial markets react instantly to presidential statements, military developments and global commodity shocks.
