Oil Shock Sparks EV Surge, Fuels Inflation, and Accelerates Fossil Fuel Retreat

Global EV sales surged 35% in the second quarter of 2026, driven by an oil price shock from the Middle East crisis that slashed crude supply and hiked fuel costs, according to the International Energy Agency. The rebound follows a subdued first quarter where U.S. and Chinese sales dipped, but the 35% jump signals consumers are voting with their wallets against volatile petrol prices.

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