From oil to the supermarket: the impact of the war with Iran

War seems far away until the day you feel it at the fuel pump, in the supermarket, or in your mortgage payment. Ignoring the signs comes at a high price.

If there is an impediment to oil transport [in the strait], it is almost as if 20% of global reserves disappeared

Economist Luís Aguiar-Conraria admits he is not certain that a major recession is coming and guarantees that everything depends on the measures that will be adopted, in an analysis of the economic impacts of the war in the Middle East.

Already-subsidised fuel prices in Portugal rise 10% to 20% since the start of the Iran war, while Malta sees 0% increase

Portugal is facing another sharp rise in fuel prices this Monday, March 16, due to the national market practice of weekly price updates by major oil companies. Since February 27, the eve of the war with Iran, the average price of diesel in Portugal has risen by nearly 20% and petrol by 10%, despite state subsidies. While global oil prices have surged by 40% due to the closure of the Strait of Hormuz and ongoing regional conflicts, other European countries are managing the volatility differently. Malta, for instance, maintains government-administered, fixed prices that have remained unchanged, shielding consumers from the current crisis. Meanwhile, countries like Germany and France update prices daily, and others like Croatia and Slovenia use fortnightly caps to mitigate fluctuations.

Prepare your wallet: fuel prices will continue to rise this Monday

This increase occurs in a context of strong geopolitical tension in the Middle East, with oil prices pressured by the closure of the Strait of Hormuz.

War in the Middle East could impact food prices

Portuguese people continue to visit local markets, but are already looking for cheaper products. The bad weather that affected the country also had an impact on food prices.

PCP and Bloco advocate for price fixing on essential goods

While participating in a demonstration against US attacks on Iran, the communist and Bloco leaders converged on what the reaction to the price hike crisis, resulting from the conflict in the Middle East, should be.

Left Bloc wants price caps on essential goods

“It was necessary for the Government to openly control fuel prices and set price caps on essential goods,” stated the party coordinator, José Manuel Pureza.

The war in Iran promises to put pressure on the family budget. Here are some tricks to ease that pressure

The cost of fuel, food, and mortgage payments is increasing at different rates

Donald Trump calls for more countries to send ships to protect Hormuz

On the Truth Social network, the US president called for more countries to send warships to escort cargo ships and oil tankers in the Strait of Hormuz. The US Embassy in Baghdad, Iraq, was attacked after Donald Trump announced the destruction of oil infrastructure on Kharg Island, the main export terminal for Iranian oil shipments. Iran is threatening to destroy the oil and energy infrastructure of companies that cooperate with the US. We are following the evolution of the conflict here, minute by minute.

"These price increases are absurd, especially for those of us who earn very little": conflict in Iran tightens the budget of Portuguese families

Over the last two weeks, life for the Portuguese has become more expensive due to the conflict in the Middle East. Fuel, distribution, and the food basket are facing a price hike. In the markets, consumers are doing the math and buying only the essentials.

United States begins releasing 172 million barrels from oil reserve

The offensive by the US and Israel against Iran has led to the suspension of maritime traffic through the Strait of Hormuz.

The difficulty in compensating for the disruption in Hormuz

The secret to the economic impact of the war in Iran lies in its duration. If the Strait of Hormuz remains closed for a long time, it could lead to recession and rising inflation, points out Sree Kochugovindan.

Tavares accuses Montenegro of reacting poorly to 'Trump inflation'

The Livre spokesperson criticises the Government's response to the impact of the war in Iran on prices, compares the failure to Costa's handling of post-Ukraine inflation, and proposes weekly monitoring with the INE and DECO.

Brent has soared more than 42% since the start of the war in the Middle East

Economic crisis in sight? "For now, there is no reason for great alarm yet"

Economist Filipe Grilo believes that the prolongation of the conflict in the Middle East and the consequent rise in oil prices could cause an inflationary spiral that leads to a serious crisis.

Fuel prices to rise by around 10 cents on Monday

Fuel prices are expected to increase by approximately 10 cents per litre starting this Monday.

Fuel prices to go up by roughly another 10 cents a litre next week

Fuel prices in Portugal are set to rise further next week, with standard diesel increasing by around 10 cents per litre and 95-octane petrol rising by 10.3 cents, according to The post Fuel prices to go up by roughly another 10 cents a litre next week appeared first on Portugal Resident.

Government will only proceed with support if food prices rise for 'more than four to five weeks'

If the war in the Middle East continues and this price escalation persists for 'more than four to five weeks', the Government admits it may introduce 'new measures' to curb the potential impacts on the Portuguese economy of what would be a 'structural problem'. The price of the food basket reached a high this week...

Middle East conflict drives up Portuguese fuel prices

Attack on our wallets

ECB pledges action to control inflation amid Middle East conflict

Supply chains affected, rising energy prices and inflation: eurozone must prepare for long-term instability

Zero says Portugal is excessively exposed to oil market volatility

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