When questioned by journalists about whether the government is considering measures in response to the rising fuel prices, the Minister of the Presidency stated that “there was no deliberation on this matter” at today’s Council of Ministers, but noted that developments in the international situation were discussed “in various contexts.”
António Leitão Amaro emphasized that the government is monitoring price developments closely and assured that if “increases that are both very significant and long-lasting are recorded, the government will naturally take measures.”
The minister also referred to the “significant worsening” of the conflict between Israel and Iran this weekend, which escalated with U.S. bombings of several Iranian nuclear facilities, highlighting that “the effects on price formation will be felt later.”
For now, “these impacts are largely potential,” Leitão Amaro noted, adding that “Portugal’s supply of oil and gas is largely based on Atlantic origins,” meaning regions outside the Middle East, with many long-term contracts. Nonetheless, he acknowledged that geopolitical tensions impact the pricing of these commodities on international markets.
Amid the escalating conflict and the looming threat of the closure of the Strait of Hormuz, through which 20% of maritime oil traffic passes, crude oil prices have risen by about 1%.
European benchmark Brent crude, after rising above $81 per barrel this morning at market opening, was up 0.94% to $76.20.
Meanwhile, the U.S. benchmark, West Texas Intermediate (WTI), rose 0.99% to $74.55 before the markets opened.
