France

France faces moderate exposure to the ongoing crisis, primarily due to its 98% oil import dependency and moderate Hormuz exposure. Gasoline prices have reached $1.98/L, reflecting the global supply crunch and the ~17 mb/d oil deficit. While nuclear power provides a significant buffer for electricity generation, the nation's high gas dependency remains a vulnerability. With 88 days of oil reserves, France has some short-term resilience, but continued high prices and supply chain disruptions are expected in the coming weeks.