China

China, despite its high 72% oil import dependency and significant Hormuz exposure, maintains a relatively low risk profile due to robust strategic reserves of 90 days. While gasoline prices are moderate at $1.18/L and fertilizer costs have risen by 45%, the government is actively managing its strategic petroleum reserves to mitigate immediate impacts. The broader economy is experiencing pressure, but the sheer scale of its reserves and diversified supply efforts provide a substantial buffer. China is expected to continue leveraging its strategic reserves and diplomatic efforts to secure energy supplies in the coming weeks, aiming to stabilize domestic markets.