Oil Over $100, Hormuz Closure Fuel EV Sales Surge Outside US, China

The Iran war and Strait of Hormuz closure have propelled crude oil above $100/barrel and U.S. gasoline to a four-year high of $4.22/gallon, driving April EV sales surges in Europe, Asia, and Latin America despite global growth of just ~6% YoY amid U.S. and China declines. High new-car prices over $50,000 and dented consumer confidence curb overall auto demand, hitting gasoline vehicles hardest. BYD executive Stella Li hailed the oil spike as a 'wake-up call' for EVs, offsetting the firm's 50% Q1 profit drop with two new European factories and a Dolphin G model.