$5 Heating Oil Arrives in US in Latest Iran War Fuel Pain Point

March 12, 2026, 3:59 PM UTC

US residential heating oil prices surged above $5 a gallon, the highest since November 2022, as the war in Iran strains global diesel and crude flows critical for home heating.

Prices rose 19% to $5.09 a gallon in the week ending March 9, according to the US Energy Information Administration. The cost of heating oil, used most often in the Northeastern US, had already risen above $4 in February due to freezing temperatures driving up heating and power demand.

With more mild temperatures heading into spring, customers will feel less of a pinch on their wallets. Cold temperatures are largely ...

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