The closure of the Strait of Hormuz since March 2nd has sparked a sharp surge in prices for natural gas, fuel, fertilizers, and industrial materials, leading to a rapid depletion of stocks and disruption of supply chains. As the U.S.-Israeli war against Iran enters its fourth week, its repercussions extend far beyond the battlefields, strongly impacting the heart of the global economy. At first glance, the United States appears to be in a comfortable position. However, amidst this turmoil, a critical question emerges: who is most vulnerable to the shock—the United States, Europe, or China? The answer lies not only in the volume of consumption but in a deeper equation: the extent to which each economy's dependence on domestic energy sources versus imports.
