Gibraltar

Gibraltar faces high energy security risks, primarily due to its 100% oil import dependency and critical role as a strategic bunkering port. Gasoline prices are $1.22/L, but fuel reserves are critically low at just 35 days, making the territory highly vulnerable to supply chain disruptions. Food security is at moderate risk, exacerbated by a substantial 52% increase in fertilizer costs. While not directly exposed to Hormuz, global supply shortages and elevated Brent crude prices ($102.36/bbl) will continue to strain its limited reserves and bunkering operations. The outlook for the coming weeks is precarious, with a high likelihood of fuel rationing or significant price hikes if global supply issues persist.