Oil has crossed above $100 a barrel for the first time in six weeks as fighting involving US and Iranian forces deepened fears of wider supply disruptions while concerns also persist over recent Houthi strikes on Saudi oil facilities. The timing is particularly awkward for US President Donald Trump as Republicans are already trying to stave off negative impact of high gas prices in the US on midterm elections.
Meanwhile, a CNBC analysis reveals that Trump’s oil investments have gained millions during the six months of war with Iran as his investment accounts continued trading energy stocks affected by his own wartime decisions. CNBC estimates that his nine largest disclosed oil and gas holdings gained between $1.5 million and $4.4 million from Feb. 27, the eve of the war, through Aug. 31.
