Jakarta, CNBC Indonesia – Rising oil prices stemming from the Israel-Iran conflict are not only fueling global concerns but also creating opportunities for certain industries. One sector experiencing a boost is the electric vehicle market, particularly in the used car segment.
In the United Kingdom, Martin Miller, a used electric vehicle dealer in southwest London, has reported a significant surge in sales. Saturday became his busiest day ever, just one week after the conflict began on February 28, 2026.
The conflict involving Iran has disrupted oil shipping lanes through the Strait of Hormuz, a vital route for approximately 20% of the world’s oil supply.
Miller is now working to increase his electric vehicle inventory.
“We are selling cars exceptionally quickly. Our staff are frantically buying more electric vehicles at auction, as we believe this trend will continue,” he said, according to Reuters on Wednesday, March 18, 2026.
Government data from the UK shows that as of March 16, the average price of gasoline per liter in the UK had risen 7% since the start of the war. Across the European Union, gasoline prices increased by 8%. Meanwhile, the average gasoline price in the U.S. Has also climbed 27% since the end of February, reaching $3.72 per gallon.
Historical precedent suggests that oil price shocks can lead to structural shifts in consumer car-buying habits. The energy crisis of the 1970s prompted U.S. Buyers to opt for smaller vehicles, benefiting Japanese automakers and eroding the market share of their American competitors.
Analysts say the recent sharp increase in fuel prices is unlikely to significantly alter recent car buying patterns in the immediate future.
Industry observers note that sustained periods of high prices, or prices exceeding certain psychological thresholds, are often needed before car buyers shift their focus to more fuel-efficient options.
“Consumers are very reactive to gasoline prices, but they tend to demand to hit a certain round number,” said Kevin Roberts, director of economic and market intelligence at the online marketplace CarGurus.
“A threshold of $4 (per gallon) may be one to watch,” he added, noting that it was a turning point for interest in electric vehicles during the last oil shock, in 2022, following Russia’s invasion of Ukraine.
Zach Xavier, a customer in the U.S., wasn’t waiting to identify out. He visited Recharged, a used electric vehicle dealer in Richmond, Virginia, with his wife on Friday to trade in a gasoline-powered SUV for an electric SUV, and also purchase a smaller second electric vehicle.
“I’m trying to get in before everyone else panics,” he said.
So far, the price increases haven’t noticeably impacted new car buyers in the U.S., according to activity on several vehicle research sites. CarGurus said that last weekend they hadn’t seen a major change in EV searches.
Another site, Edmunds, reported that the share of buyers looking at electric vehicles in the first week after the war began increased slightly, to 22.4% from 20.7% the previous week.
Increased interest in EVs is more likely to occur in Europe, where fully electric cars accounted for 19.5% of sales last year, and where government tax breaks for electric vehicle purchases are being reintroduced.
