South Africa

South Africa is highly vulnerable, importing 80% of its oil with low Hormuz exposure, yet struggling with $1.42/L gasoline prices and only 35 days of reserves. The ongoing Eskom power crisis significantly compounds energy security issues, creating a compounding negative effect on economic stability. While food risk is moderate, the 55% increase in fertilizer costs will impact agricultural output and consumer prices. The outlook for South Africa is challenging, with the dual energy crises likely to persist and exert severe pressure on the economy in the coming weeks.