Oil prices and Treasury yields surge amid Iran conflict
US households that heat with oil are forecast to pay 31.3% more this winter, an estimated $2,300 for the November-to-March season, as the ongoing US-Iran war drives up crude, diesel and heating oil prices, according to the National Energy Assistance Directors Association (NEADA). Overall winter heating costs are projected to rise 8.7% -- more than double the inflation rate -- with electric heat up 9% and natural gas up 5.8%; oil heat, used by only about 4% of US households nationally, is far more common in New England and the Mid-Atlantic. Massachusetts veteran Tommy Cole Jr., who has struggled to heat his rental home for a family of five, said heating oil that cost under $4 a gallon last year now costs $5.56 and that he is counting on federal Low Income Home Energy Assistance Program (LIHEAP) aid, which NEADA has asked Congress to boost by $3 billion beyond its current $4.1 billion allocation. Social service providers in Massachusetts said the same LIHEAP dollar amount will now cover far less fuel, and that suppliers may no longer be able to afford minimum 100-gallon deliveries given record diesel costs for their trucks -- potentially forcing bills of $700-800 per delivery.
Follow this story on the globe
As it ran
15 September 2026
14 September 2026
- Get ready for a 30% jump in heating oil costs this winter as Iran war drives up prices CNN
- AI stocks drop on calls for a global slowdown as jumping oil prices send the 10-year yield to 5% AP
- 10-Year Treasury Yield Reaches 5%, Highest Level in Years New York Times
- AI stocks drop on calls for a slowdown as rising oil prices push the 10-year yield to 5% AP
- 10-year Treasury yield hits 5%, critical threshold for US economy and markets CNN
- 10-Year Treasury Yield Touches 5%, Highest Level in Years New York Times