San Marino

San Marino faces moderate energy security risks, primarily due to its 100% oil import dependency, though it is insulated from direct Hormuz disruption. Gasoline prices are elevated at $1.85/L, but its energy supply is entirely sourced from Italy, which offers a buffer through a more robust supply chain. With 85 days of fuel reserves, the microstate has reasonable short-term resilience against price volatility and supply shocks. The outlook for San Marino remains stable, contingent on Italy's continued ability to secure energy supplies, with no immediate direct threat to its fuel availability in the coming weeks.