Middle East conflict boosts EV demand

Electric vehicle sales in the second quarter of 2026 saw a significant increase of 35% compared to the first quarter, setting record numbers in 50 countries. This was driven by rising fuel prices amid the ongoing conflict in the Middle East. The oil prices, which had been around $60 per barrel, surged to nearly $120 after Iran closed the Strait of Hormuz, prompting consumers to rely more on electric cars as an economical alternative.

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