Chile

Chile is highly vulnerable to global energy market volatility, with a moderate risk score of 68/100, primarily due to its near-total (99%) oil import dependency and limited 45 days of strategic reserves. Despite no Hormuz exposure, the country is directly impacted by high Brent crude prices, reflected in gasoline at $1.42/L. The economy also faces moderate food risk and a significant 52% increase in fertilizer costs. However, strong copper export revenues provide a crucial mitigating factor, offering some buffer against the economic fallout, though the outlook remains challenging for the coming weeks.