Latest news and stories about oil prices in Portugal for expats and residents.
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The price of Brent crude oil for May delivery fell by more than 2% today, although it remained around 100 dollars per barrel, following the agreement between Kurdistan and Iraq to resume oil flow.
The war in Iran is causing a shockwave whose impact will depend on the duration of the conflict. However, despite the threat to the economy, and as in any energy crisis, there are those who emerge as winners, such as oil-producing countries outside the Gulf or energy companies. The Strait of Hormuz, located between...
At least five ships have left the strategic waterway.
The European Union's foreign policy chief, Kaja Kallas, believes it is necessary to find diplomatic means to keep the Strait of Hormuz open, while US President Donald Trump asks allies to send warships to ensure the security of transit amidst the war in Iran. The price of Brent crude for May delivery opened higher again today, with a sharp increase of over 4%, approaching 105 dollars per barrel.
The price of Brent crude oil for May delivery opened higher again today, with a sharp increase of over 4%, approaching 105 dollars per barrel.
Francisco Pereira Coutinho, a commentator for CNN Portugal, points out that the US “is self-sufficient in terms of oil,” so the closure of the Strait of Hormuz “does not represent as big a problem as it does for us in Portugal.”
The offensive by the US and Israel against Iran has led to the suspension of maritime traffic through the Strait of Hormuz.
The price of Brent crude, a benchmark in Europe, has soared more than 42% since the start of the conflict in the Middle East, reaching 103.14 dollars (approximately 89.41 euros) today.
The US Chairman of the Joint Chiefs of Staff, Dan Caine, described the Strait of Hormuz today as a “tactically complex environment,” implicitly acknowledging that it will not be possible to prevent Iranian attacks on ships in the short term.
An envoy for the President of Russia stated today that the global energy market 'cannot remain stable' without Russian oil, after Washington temporarily authorised the sale of Russian oil stored on ships.
Economist Filipe Garcia analyses the potential impacts of the prolongation of the war between the US, Israel, and Iran, mainly on the price of a barrel of oil.
The International Energy Agency (IEA) estimates that the closure of the Strait of Hormuz due to the war in the Middle East will cause a collapse in global oil supply of eight million barrels per day in March. In its monthly oil market report published today, the IEA highlights that with this...
The price of oil has once again exceeded 100 dollars per barrel, reaching 101.50 dollars.
International markets fear an escalation in oil prices as a consequence of the disruptions in the Strait of Hormuz. Some companies, such as Maersk, have several vessels stuck in the strait, which could affect global trade flows. It is an unprecedented situation, as explained by Richard Quest of CNN International.
The 32 member countries of the International Energy Agency (IEA) decided “unanimously” today to release 400 million barrels of oil from strategic reserves into the markets.
OPEC maintained its forecasts for oil supply and demand, as well as global economic growth, today in a report containing data from before the start of the US and Israeli attacks against Iran on February 28.
OPEC maintained its forecasts for oil supply and demand, as well as global economic growth, in a report released this Wednesday, the 11th. The data predates the US and Israeli attacks on Iran on February 28th. The monthly report shows that Iran and other regional producers increased output in February compared to January, with Iran extracting nearly 3.2 million barrels per day. Despite geopolitical tensions in the Middle East and Eastern Europe, OPEC expects economic growth to remain steady at 3.1% in 2026 and 3.2% in 2027, supported by strong performance in the US, China, and India. Oil consumption forecasts remain at 106.5 million barrels per day for 2026 and 107.8 million for 2027, driven by transport fuels and industrial activity in non-OECD countries.
Brent crude is trading at 92 dollars per barrel. Concerns over shipping in the Strait of Hormuz are worrying investors. Iran warns the world to prepare. Coordinated international action is on the table.
European capitals said they would back IEA's request to release 400 million barrels of oil.
The article reports that G7 countries support the strategic use of oil reserves to stabilize markets amid global energy concerns. This collective stance aims to address rising oil prices and supply disruptions, with Portugal being part of this broader international consensus. The coordinated effort highlights the importance of strategic reserves in managing energy security and economic stability during times of crisis.
With the near-total closure of the Strait of Hormuz since March 1st, nearly 200 million barrels of oil from the Gulf have not entered the market. The fear of a prolonged war pushed oil prices to near 120 dollars this Monday at the opening of the Asian session. The G7 decided to intervene. Expresso spoke with Barry Eichengreen, Peter Cohan, Dan Steinbock, Pedro Amaral, João Queiroz, and Luis Mah.
There are 130 million barrels of oil stranded at sea.
The price of crude oil is projected to surpass 100 dollars soon, with potential to reach 150 dollars if production is halted, leading to increased fuel costs.
Home News Portuguese Government to control oil prices Portuguese Government to control oil prices The Economy Minister admitted that the increase in oil prices “is not good news” and assured that the government will, if necessary, take appropriate measures to keep the economy functioning.
