The Iran war has caused worldwide petrol price hikes, expected to accelerate global electric vehicle (EV) uptake. In China, more than half of new car sales were EVs in 2025, potentially saving US$28 billion a year in avoided oil import costs.
The South China Morning Post reports that the Iran war is causing worldwide petrol price hikes, expected to accelerate global electric vehicle (EV) uptake. “Electric vehicles are increasingly cost-competitive with petrol cars. Oil volatility means EVs are a common-sense choice for countries wishing to insulate themselves from future shocks,” said Daan Walter, a principal at Ember. The report states that with oil at US$80 per barrel, China—where more than half of new car sales were EVs in 2025—could save over US$28 billion a year in avoided oil imports. Europe, where EVs accounted for 26 per cent of car sales in 2025, could save about US$8 billion annually. Keywords include Texas, Iran, European Commission, EU, US, France, Strait of Hormuz, UK, Middle East, China, Asia, Europe, International Energy Agency, Gulf countries, and Ember. Published on 2026-03-18.