Why oil price spikes (probably) won't spur shift away from oil

Current oil price spikes, driven by the Iran conflict, are unlikely to cause a lasting shift away from fossil fuels, according to energy analysts. This is because energy transitions require stable, long-term market signals and policies, not temporary geopolitical disruptions. While interest in electric vehicles may surge, high interest rates and transaction costs present consumer hurdles. The duration of the current geopolitical tensions and their perceived impact on future oil prices will determine if any significant, durable change occurs.