The Strait of Hormuz Closure Sent Gas Prices Up. EV Stocks Quietly Benefited. Here's Why.
Volatile oil prices could drive more consumers to ditch their gas-powered vehicles.
Overview
The Strait of Hormuz, which handles roughly a quarter of the world's maritime oil trade, has been closed since Feb. 28. That closure drove up crude oil prices and lifted many oil stocks, but squeezed shares of companies that relied on lower fuel costs.
However, several electric vehicle (EV) stocks have risen since the Strait's closure. Let's see why that happened, and which EV stocks will benefit the most from higher oil prices.
Image source: Getty Images.
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Originally published at www.fool.com.
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