By Bosphorus News Economy Desk
On October 29, 2026, newly reported Pentagon figures put the estimated US military cost of the Iran war at $47.1 billion through mid-October, two days after President Donald Trump told a crowd in Texas that the United States was making an "absolute fortune" from the upheaval in Middle Eastern energy markets.
The figures emerged days after Democratic members of Congress's Joint Economic Committee published a report estimating that Trump's personal oil and gas investments had risen substantially in value this year. The committee also calculated that American consumers had paid an additional $101 billion for gasoline since the war began on February 28.
With congressional elections approaching on November 3, rising military expenditure and household energy costs have become political issues, even as Trump points to the gains made by American energy producers.
Trump: America Is Making an Absolute Fortune
Speaking at a rally in Corpus Christi on October 27, Trump praised the American oil and gas industry and the increased demand for US energy supplies following disruptions in the Middle East.
"Your country is making an absolute fortune because of the situation in the Middle East," he told the crowd.
Trump pointed to Texas, Louisiana and Alaska as beneficiaries of increased demand, arguing that stronger energy production would benefit the wider American economy.
He also acknowledged that he had expected oil prices to rise when he decided to attack Iran. Trump said he had anticipated an increase two or three times greater than the one that followed and had nevertheless been prepared to proceed because of concerns over Iran's nuclear program.
The president predicted that gasoline prices would eventually fall, rejecting criticism of the administration's handling of the energy market.
His comments concerned the economic benefits he attributed to American energy production. They did not refer to his personal investments, which were examined separately in the congressional report.
Pentagon's War Bill Reaches $47.1 Billion
Figures prepared by US Central Command (CENTCOM) and provided to Congress put the estimated military cost of the Iran campaign at $47.1 billion through October 16, according to Reuters, CBS News and the Associated Press.
The estimate had risen from $43.6 billion in early September and was more than 25% above the $37.5 billion figure disclosed by Defense Secretary Pete Hegseth in July.
Approximately $29 billion of the latest total is required to replenish missiles, bombs and other munitions used during the campaign. Operational expenses account for $11.9 billion, while replacing aircraft, drones and other military equipment lost in combat is estimated at $6.1 billion.
The munitions and equipment replacement requirements remain unfunded. The overall estimate therefore includes future procurement costs alongside expenses already incurred.
Repairs to American military bases and infrastructure damaged in Iranian attacks are not included in the Pentagon's estimate. Those losses are still being assessed.
The United States and Israel launched their military campaign against Iran on February 28. An April ceasefire interrupted the initial fighting, but a subsequent US naval blockade and threats of renewed strikes have kept the confrontation unresolved.
Trump has left open the possibility of resuming major combat operations after the November 3 elections, while Pentagon officials are preparing for further fighting if ordered to do so, according to Reuters.
Trump's Oil and Gas Holdings Valued at Up to $81.6 Million
A report released on October 26 by Democratic members of Congress's Joint Economic Committee estimated that Trump's personal holdings in oil and gas companies were worth between $22.5 million and $81.6 million as of October 19.
At the end of 2025, those holdings had been valued at between $12.6 million and $45.8 million.
The committee calculated that shares already held by Trump at the start of 2026 had appreciated by approximately 43%. It also identified between $4.7 million and $17.5 million in additional energy stock purchases between March and August, after the war began.
More than 94% of the purchases identified by the committee for 2026 occurred after February 28.
The portfolio includes investments in ExxonMobil, Chevron, Occidental Petroleum, ConocoPhillips and other major American energy companies.
The calculations draw on financial disclosures filed with the Office of Government Ethics and market data from LSEG. Federal disclosure requirements provide investment values in ranges, making the committee's figures estimates rather than exact portfolio balances.
The reported increase of up to $35.8 million reflects share-price appreciation and net changes in Trump's holdings, including purchases and sales. It does not represent an equivalent amount of realized trading profit.
The analysis was prepared by the committee's Democratic members, who have criticized the administration over the financial consequences of the war.
White House Denies Conflict of Interest
The White House rejected suggestions that Trump's energy investments had influenced his decisions.
Spokesman Davis Ingle told CBS News that the president's stock and bond holdings were independently managed by financial institutions using automated investment models designed to follow established market indices.
He said neither Trump nor his family could direct or influence individual investment decisions and maintained that the arrangements created no conflicts of interest.
The committee's report documents the estimated value of Trump's energy investments and their performance during the year. It does not establish that he directed individual transactions or made military decisions to increase his personal wealth.
Americans Pay More at the Pump
The same committee report estimated that American consumers had spent an additional $101 billion on gasoline since February 28, equivalent to approximately $856 per family.
The calculation, based on fuel-price data through October 14 and government consumption figures, represents the Democratic committee's estimate of additional household spending associated with the war. It is separate from the Pentagon's military cost figures.
Disruptions to shipping through the Strait of Hormuz have put pressure on energy markets. The waterway connects Gulf oil and gas exporters with international customers, and restrictions on commercial traffic have complicated shipments of crude oil and refined products.
The effects have reached energy-importing economies outside the United States. Iran's proposed maritime exclusion zone around Hormuz has added to uncertainty over shipping access, while Türkiye has called for the restoration of pre-war navigation conditions.
Higher gasoline prices have become an election issue for American households, while the Pentagon faces growing requirements to replenish munitions and replace equipment used or lost during the campaign.
Trump continues to defend the war as necessary to prevent Iran from obtaining nuclear weapons. He maintains that increased American energy production will support the economy, while the Pentagon's latest assessment places the military cost of the conflict well above earlier estimates.
Sources: US Central Command estimates reported by Reuters, Associated Press, CBS News and Stars and Stripes; US Congress Joint Economic Committee Democratic Minority, October 26, 2026 report; Donald Trump, Corpus Christi remarks, October 27, 2026, Roll Call Factba.se transcript; White House statement to CBS News; Bosphorus News review and reporting.