Your home heating oil bill is likely to jump this winter

September 15, 2026 / 10:46 AM EDT / CBS News

Americans who use heating oil to warm their homes are likely to face a sharp spike in utility costs this winter as the Iran war drives up global energy prices, according to a new forecast.

The National Energy Assistance Directors Association (NEADA), a nonprofit policy organization, estimates that households that use heating oil to power their furnaces and boilers will pay an average of nearly $2,300 in total for the four-month stretch between mid-November and mid-March 2027 — up more than 30% compared to last year.

Heating oil costs are climbing due to the slowdown in oil flows through the Strait of Hormuz, according to Mark Wolfe, an energy economist and the executive director of NEADA.

"While the war may be thousands of miles away, families will feel it when the heating oil truck pulls into their driveways," Wolfe told CBS News, adding that Ukrainian strikes on Russian oil infrastructure are also depleting global oil supplies and contributing to the run-up in energy prices.

According to the U.S. Energy Information Administration (EIA), nearly all of the heating oil used in American homes is derived from crude oil, which is refined…

Original source: https://www.cbsnews.com/entertainment/