Oil shock raises risk of metals shock as EV sales accelerate

[LONDON] The oil shock caused by the Iran war is recharging the electric vehicle (EV) market as high petrol and diesel prices stimulate consumer demand for alternatives.

Economics is becoming as powerful a driver of EV sales as government subsidies and green ideology, particularly in countries most exposed to the loss of oil ​and gas supply from the Gulf.

This has huge implications for both the oil and metal markets, particularly for critical EV inputs such as lithium, nickel and copper.