Lipid oxidation in foods is delayed through the use of antioxidants. The aim was to determine the oxidative stability of high oleic peanut oil and the effect of adding oregano and hop essential oils, with phenolic and no-phenolic terpenes, under 150 °C. The peanut oil was enriched with oregano and hop essential oils (0.02%). These treatments were compared with sunflower oil, high oleic peanut oil, and high oleic peanut oil with BHT (0.02%). Treatments were exposed at 150 °C for 8 h. Peroxide value (PV), conjugated dienes, and volatile oxidation compounds were measured. High oleic peanut oil was more stable than sunflower oil. Peanut oil obtained 61.9% less PV than sunflower oil. Oregano and hop essential oils protected the peanut oil; the peroxide values were 14.9 ± 0.4 and 14.6 ± 0.2 meq O2 kg−1 at 8 h, respectively. Both “Chain Breaking Antioxidant” And “Termination Enhancing Antioxidant” had similar antioxidant effects.