Oil Price Shock Fuels 35% Surge in Global EV Sales

AI Summary

The International Energy Agency reported a 35% surge in global electric vehicle sales in Q2 2026, driven by an oil price shock linked to Middle East supply disruptions. The crisis pushed crude prices higher, accelerating adoption of EVs worldwide after a slow start to the year.

Following a subdued start to the year, sales of electric vehicles (EVs) jumped in the second quarter after the Middle East crisis slashed crude supply and hiked oil and fuel prices, the International Energy Agency (IEA) said in a report on Thursday. Global sales of electric cars fell in the first quarter of 2026, largely reflecting lower sales in the United States and China, according to the agency’s report ‘Electric Car Markets in a Time of Uncertainty’. However, EV sales rebounded sharply in the second quarter, rising by 35%…