Renault UK boss: 'Seismic shift' in electric car interest

Renault's UK boss has said the Iran war oil price surge has started a "seismic shift upwards" in interest in electric vehicles. Adam Wood, managing director for the French carmaker in the UK, said that buyers were realising that it was much cheaper to charge electric cars than to fill up with petrol. Oil prices remained above $111 per barrel on Friday, with little sign that the US and Iran would reach an agreement to reopen the strait of Hormuz, a key export route for a fifth of the world's oil. Renault said the effect of the oil price surge was translating to sales. It said enquiries about electric vehicles were up 42% on its website, and that electric vehicles accounted for almost 50% of sales in April. The Renault 5 was the bestselling electric car in Britain during the month. Wood said: "Interest in electric vehicles has undergone a seismic shift upwards following the spike in oil prices at the end of February. In turbulent times, more and more people are realising the benefits of switching to electric. With a wider choice of more efficient, more desirable and more affordable electric cars than ever before, there's never been a better time to make the switch." Car buying websites across Europe have also reported an "E-Auto-Boom" thanks to the oil price increase – meaning that Donald Trump may, via the US-Israeli attacks on Iran, have boosted demand for electric vehicles despite his personal antipathy towards them.

Some evidence of higher margins from petrol sellers, says UK's CMA. Petrol prices are making drivers baulk – and consider shifting to electric cars, according to Renault. The UK government is trying to put pressure on fuel sellers to ensure they do not scalp their customers. The government's Competition and Markets Authority said on Friday that it had found that "a minority of retailers" had increased their profit margins since the start of the Iran war. However, it said that on average profit margins were "broadly unchanged between February and March, and were similar to the average margins throughout 2025". It said that increased oil prices were the main driver for higher pump prices. Sarah Cardell, chief executive at the CMA, said: "On average, retailer fuel margins did not increase. We will remain vigilant to ensure any fall in costs is passed on quickly to motorists. Today's report also shows the value of shopping around, with drivers able to save up to £9 per tank by doing so." To try to prevent scalping, the government has introduced a "Fuel Finder" scheme for people to check pump prices, with enforcement due to start today by the CMA. The AA is excited by the changes. Edmund King, the AA's president, said: "This is a momentous day for pushing the fuel trade to price petrol and diesel at the pump fairly, transparently and competitively. Up until now, most motorists travelling unfamiliar roads would only find out how cheap or expensive fuel at the next forecourt is when they drive past." AA analysis of motorway service area petrol prices this week shows that 31 out of 50 sampled were charging at least 184.9p a litre – against a national average of 157.7p. Most motorists would only find this out as they drove off the motorway and pulled onto the forecourts.

Oil prices have soared, which usually means one thing: huge oil company profits. America's ExxonMobil reported adjusted earnings per share of $1.16, beating the $1 consensus expectation. Production in its newest oil fields in Guyana rose to a record, with buyers around the world desperate for new sources of crude oil to replace those trapped in the Gulf by the Iran war. However, Exxon's statutory profits came in at $4.2bn for the first quarter. That was nominally the lowest in five years, and down from $7.7bn last year, but that was mainly because of one-off accounting impacts from financial derivatives. It has not all be plain sailing for the oil company: it also had a $700m financial hit from cargoes that could not be delivered through the strait of Hormuz.

UK manufacturing business costs surge because of Iran war. Manufacturers in the UK have recorded one of the sharpest rises in business costs in more than thirty years, due to the economic fallout of the Iran war, a closely-watched survey has revealed. The S&P Global purchasing managers' index (PMI) said manufacturers' input prices – such as raw materials, energy and labour – rose at one of the fastest rates since its survey began in 1992, outside of the post-pandemic inflationary surge in 2022. Rob Dobson, the director at S&P Global Market Intelligence, said: "Restrictions on transit through the strait of Hormuz are causing substantial disruptions to input deliveries, with supplier lead times lengthening to the greatest extent in almost four years. The resulting material shortages are exerting steep pressure on purchasing costs." Business optimism in the sector also fell to its lowest level in a year during April, as manufacturers remained concerned about the impact of the war in the Middle East and what it will do to global economic growth and geopolitical instability.

There may be clouds over the global economy, but so far British consumers appear to be continuing as usual, according to new Bank of England figures. Net borrowing of consumer credit by individuals slightly decreased to £1.9bn in March from £2.0bn in February, according to the Bank's data, published on Friday. That was still slightly above the previous six-month average of £1.8bn, and higher than the £1.8bn expected by economists. The number of mortgage approvals for house purchases during March also came in higher than expected – possibly helping to explain the surprising resilience in house prices reported earlier by Nationwide. There were 63,530 mortgages approved, up from 62,700 and above the 60,000 expected by economists. Net borrowing of mortgage debt by individuals increased to £6.2bn, from £5.2bn in February.