Soaring Oil Prices Drive Global EV Sales Surge; Norway’s Used EV Sales Overtake Diesel for First Time

Global electric vehicle (EV) markets have significantly heated up amid a sharp surge in international oil prices. The military actions by the U.S. and Israel against Iran led to the closure of the Strait of Hormuz, disrupting roughly 20% of global oil supply. As a result, gasoline prices in the European Union rose by 12% within three weeks, reaching €1.84 per liter. On Finn.no, Norway’s largest used-car platform, EV sales have surpassed those of diesel vehicles, making them the best-selling car type. In France, online used-car retailer Aramisauto reported that its EV sales share jumped from 6.5% to 12.7% over the same period, while the market shares of gasoline and diesel vehicles declined. The company’s CEO noted that once fuel prices exceed €2 per liter, consumer interest in switching to EVs will rise substantially. Similar EV buying surges have also emerged in Australia, the Philippines, Vietnam, and other regions. The International Energy Agency (IEA) forecasts that this energy shock will accelerate the global energy transition.