Global oil prices rose Friday as traders assessed supply disruptions and geopolitical risks, with Brent and West Texas Intermediate benchmarks both climbing. The moves reinforced forecasts that sustained fuel costs could accelerate the transition to electric vehicles.

Wood Mackenzie analysts said oil supply disruptions, elevated fuel prices and faster battery innovation could combine to give electric vehicles a meaningful advantage over combustion engines. The consultancy argued that repeated price shocks alter consumer purchasing decisions over multi-year horizons.

The warning arrived during a fragile stretch for energy markets. Saudi Aramco has already flagged pressure on second-quarter profits as oil prices softened earlier in the summer. Analysts at Goldman Sachs and Morgan Stanley have noted that volatility, rather than absolute price levels, increasingly drives fleet and household vehicle decisions.

Automakers and battery suppliers stand to benefit if the Wood Mackenzie scenario holds, though higher energy costs also raise near-term manufacturing and shipping expenses. Industry groups in Europe and China have pointed to continued growth in EV registrations even as some Western markets show softer demand.

Wood Mackenzie expects oil price uncertainty to remain a defining feature of transport energy markets through the rest of the decade.