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Oil price shock boosts electric vehicle sales 35% in Q2 2026

The IEA said EV sales hit record high levels in 50 countries in the second quarter, and the second quarter rebound nearly offset a Q1 decline.

Reported · Written up by our desk · Energy Transition

OilPrice reports that the International Energy Agency linked a sharp rise in electric vehicle sales in the second quarter of 2026 to higher oil and fuel prices following a Middle East crisis that reduced crude supply.

According to the IEA’s report on EV markets, global EV sales fell in the first quarter, reflecting lower demand in the United States and China, before rebounding sharply in the second quarter, up 35% versus the first quarter.

The IEA said second quarter EV sales reached record high levels in 50 countries, with sales roughly doubling between March and June in larger markets including Brazil, India, Australia, and Vietnam compared with the same period in 2025.

As a result of the second quarter surge, EV sales for the first half of 2026 were only slightly below the first half of last year, and the IEA projects EVs could reach a 29% share of total worldwide car sales in 2026.

Latest closeWTI crude $84.41 ▲6.5%

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