Surging Oil Prices Drive Global EV Sales Surge

Amid soaring international oil prices, electric vehicle (EV) sales have surged significantly across many regions worldwide. Following the U.S.-Israeli military strikes on Iran on February 28, shipping disruptions in the Strait of Hormuz tightened crude oil supplies, driving the average price of gasoline in the European Union up by 12%—to €1.84 per liter—within just three weeks. The resulting high fuel costs have prompted consumers to shift toward EVs: data from Finn.no, Norway’s largest used-car platform, shows that EVs have overtaken diesel vehicles as the best-selling car type. Meanwhile, French used-car dealer Aramisauto reported that its EV sales share doubled from 6.5% to 12.7% over the same three-week period, while sales of gasoline and diesel vehicles declined noticeably. Similar trends are emerging in Australia and Southeast Asian countries such as the Philippines and Vietnam. The International Energy Agency (IEA) noted that geopolitical conflicts are accelerating the global transition in energy consumption, providing fresh momentum for the widespread adoption of electric vehicles.