The destruction of 30-40% of Gulf refining capacity by Iran's retaliatory strikes has led to a shortage of 11 million barrels per day on global oil markets, leading to a surge in consumer interest in electric vehicles. The IEA issued an emergency 10-point plan urging consumers to work from home, drive slower, take public transit, and avoid unnecessary air travel to reduce oil consumption. The agency estimates that working from home three additional days per week could reduce individual drivers’ oil consumption by 20%. However, it is still far short of cutting global oil demand by 2.7 million barrels daily. Consumer response has been swift, with Google searches and dealership inquiries surging. Chinese EV makers such as BYD and Tesla have benefited from this surge in demand. The global impact of the energy crisis is also seen as a significant opportunity for electric cars, with average used EV prices dropping 35% since 2022 to around $34,600.