Rising fuel prices and supply concerns triggered by the Middle East conflict have sharply boosted electric vehicle (EV) sales, with global sales rising 35% in the second quarter of 2026, according to the International Energy Agency (IEA).
EV sales reached record levels in 50 countries during the April-June period as oil price volatility renewed concerns over energy security. Crude prices surged from around $60 a barrel at the beginning of the year to nearly $120 following disruptions around the Strait of Hormuz.
The IEA said the crisis has highlighted EVs as a way for oil-importing countries to reduce dependence on imported fuels while protecting consumers and businesses from fuel-price volatility.
Several Southeast Asian countries affected by high fuel costs introduced temporary tax incentives to encourage EV purchases. Government support in Europe, Southeast Asia and Latin America is also expected to sustain demand.
The IEA forecasts global EV sales will grow by around 10% in 2026, reaching about 29% of total car sales, despite an expected decline in the overall automobile market.
