“It is clear that the increase in the price of oil is not good news,” said Manuel Castro Almeida, adding that “Portugal today is much more resistant to increases in the price of oil than in the past.”

Speaking on the sidelines of a meeting in Faro of the Regional Council of the Coordination and Development Commission (CCDR) of the Algarve, the government official recalled that 70% of the electricity consumed in Portugal comes from renewable sources and is therefore “less dependent on oil, which is a competitive advantage for Portugal.”

For Manuel Castro Almeida, the executive branch “will always be vigilant, and the Government’s obligation is to be vigilant in order to take appropriate measures at each moment to ensure that the economy functions, that people have decent living conditions, and that public finances are balanced.”

Brent crude oil prices rose today following the US and Israeli attack on Iran and its repercussions in the Middle East.

The suspension of traffic in the Strait of Hormuz – which separates Iran to the north from the Emirates and Oman to the south, just 30 km away – has also impacted the situation. kilometers away – this will have an impact on oil prices, which could exceed $100 per barrel, but the effects depend on the duration of the shutdown and whether the conflict spreads, analysts believe.

“We have significant reserves that I expect will last beyond the announced time and the duration of this war. At this moment, there is nothing to fear in that regard,” said the Minister of Economy and Territorial Cohesion.

Castro Almeida dismissed the possibility, at this time, of a budget revision caused by the impact of bad weather on the economy and the consequences of a potential fuel price increase.

“At this moment it is too early to take a position on this. If it is necessary, it will be done; if it is not necessary, it will not be done. At this moment there are no indicators that allow us to make a decision now, but it will be reassessed later, and later we will see if it is necessary or not,” he said.

The European Commission had also already guaranteed today that it has no “immediate concerns” regarding the security of energy supply to the European Union (EU), despite the impact of the conflict in the Middle East on the Strait of Hormuz, through which 20% of the world's oil passes.

Israel and the United States launched a military attack against Iran on Saturday to “eliminate the imminent threats from the Iranian regime,” and Tehran responded with missiles and drones against US bases in the region and Israeli targets.

US President Donald Trump stated that the operation aims to "eliminate imminent threats" from Iran, and Israeli Prime Minister Benjamin Netanyahu justified the joint action against what he described as an "existential threat."