The R&B legend Edwin Starr passionately belted out that war was good for “absolutely nothing”. But as Trump’s conflict with Iran sends petrol prices sky high and car buyers detouring to EVs, the share price of Australia’s leading lithium miner reveals a different story.
This story looks at how the Trump-Iran war has shocked car buyers into ordering electric vehicles (EVs) like never before — and it has a striking parallel with the recent surge in the share price of Australia’s leading lithium miner, Pilbara Minerals (PLS), whose stock spiked 16.89% over the past month. Just like BHP once did, PLS has adopted its ticker code as its name.
What makes this price push even more remarkable is that it follows PLS already surging 92.22% over the previous six months. In the world of investing, people like me have always warned clients, subscribers and followers that lithium would one day be re-loved — when EVs could drive further, recharge more easily, and when their batteries stopped catching fire in people’s garages. Given that engineers at Tesla and BYD factories have been working hard on exactly these problems, it was only ever a matter of time.
Pilbara Minerals (ASX: PLS)
The price action for PLS makes for intriguing reading. Back in October 2025, the share price sat at $2.67. It surged to $5.25 just before the war started on February 28, then pulled back to $4.13 as stock markets reacted negatively to rising oil prices and the uncertainty the conflict created.
However, PLS staged a comeback, recovering to $5.19 from March 19 onwards. It’s fair to say that spiking oil prices have made EVs look considerably more attractive to everyday buyers.
The SMH’s Shayne Wright and Mike Foley have provided the figures that show how rising oil — and then petrol — prices have driven a significant uptick in EV sales: “A record 14.6 per cent — or 15,839 — of the 108,000 vehicles sold last month were EVs, according to the Federal Chamber of Automotive Industries. In February, EVs accounted for 11.8 per cent — or 10,700 — of the 90,700 cars that were bought.”
This time last year, EVs represented just 7.2% of the new car market. The trajectory is clear.
Experts caution, however, that a full-scale shift to EVs among local consumers will depend on governments committing serious infrastructure spending to make recharging easier and more accessible.
BYD told the SMH it already has 10,000 orders for new EVs on its books. And even if an end to the war brings some relief at the pump, energy economists note that damage to oil and gas infrastructure across the Middle East means elevated energy prices are likely here to stay. The pre-war price of $1.66 a litre for unleaded petrol may not be seen again for a very long time.
That sustained pressure on petrol prices should keep demand for EVs elevated — and by extension, keep demand for lithium strong, which is good news for the miners who dig it up.
By the way, this isn’t financial advice. The recent surge in PLS’s share price may be getting ahead of itself, but experienced investors will likely be watching for any pullback — such as a broader market sell-off — as a buying opportunity.
EVs and lithium are industries with a bright future, and the Trump-Iran war has simply accelerated the arrival of that future. American soul and R&B singer Edwin Starr once sang: “War, what is it good for? Absolutely nothing!” This classic became one of Motown’s biggest-selling singles of all time and a protest anthem against the Vietnam War. Well, if this war has turbo-charged global demand for EVs — and I suspect it has — climate activists, Elon Musk and China’s BYD might have a quiet word with Edwin. (Take a look at Starr’s passionate delivery here!)
