Vatican City

Vatican City maintains a low energy security risk, despite 100% oil import dependency and no Hormuz exposure. Gasoline prices are at $1.88/L, but the state has a robust 90 days of gasoline reserves and a low food risk. Its energy supply is entirely integrated with Italy's infrastructure, effectively shielding it from direct procurement challenges. The outlook for the coming weeks is stable, with any impacts primarily stemming from broader European market conditions rather than direct supply vulnerabilities.