San Marino

San Marino faces moderate energy security risks despite 100% oil import dependency, primarily due to its integration with Italy's energy infrastructure, which mitigates direct supply chain vulnerabilities from the Strait of Hormuz disruption. Gasoline prices are elevated at $1.85/L, reflecting broader European market trends, but the country maintains a robust 85-day fuel reserve. While fertilizer costs have increased by 38%, food security remains low risk. The outlook for San Marino is stable, as its reliance on Italy provides a buffer against immediate supply shocks, though sustained high prices will continue to impact consumer costs.