Panama

Panama faces high vulnerability as it imports 100% of its oil, with gasoline currently at $1.18/L and 38 days of reserves. While not directly exposed to Hormuz, the global oil supply deficit translates to higher domestic fuel costs and a 38% increase in fertilizer prices, contributing to moderate food risk. The substantial revenues generated by the Panama Canal provide a significant mitigating factor, offering a financial buffer to absorb some of the economic shocks. This financial resilience suggests Panama may navigate the immediate crisis with less severe economic disruption than its regional peers, though sustained high prices will still pose challenges.