Oman

Oman maintains a stable risk profile, largely mitigating direct Hormuz disruption as it lies outside the Strait, allowing continued oil exports. As an oil exporter with 0% import dependency, its energy security is robust, reflected in a low gasoline price of $0.48/L and an impressive 365 days of reserves. Food risk is low, and fertilizer cost increases are manageable at 18%, indicating a relatively stable domestic economy despite regional turmoil. Oman's outlook is strong, benefiting from its strategic location and energy independence, though declining reserves warrant long-term monitoring.