Electric Vehicle Sales Surge Globally Amid Middle East Crisis

The global electric vehicle (EV) market has seen a significant surge in sales, according to a recent report by the International Energy Agency (IEA). The agency noted that EV sales rose by 35% in the second quarter compared to the first three months of the year.

This increase is attributed to the sharp spike in fuel prices triggered by the war in the Middle East. Crude oil prices surged from around $60 per barrel at the beginning of the year to nearly $120 after Iran closed the Strait of Hormuz.

The IEA report stated that several Southeast Asian nations, which rely heavily on oil imports and were severely impacted by the crisis, passed temporary tax exemptions to encourage EV purchases. The agency projects that EV sales will grow by 10% this year, accounting for 29% of total car sales.