Lisbon, Mar. 3, 2026 (Lusa) - Portugal has reserves for 93 days of consumption in a disruption scenario, according to ENSE, noting that national imports are not exposed to Hormuz in terms of the quantities of goods purchased and transported.

“It is important to clarify that Portugal does indeed have reserves (around 93 days of consumption) to cope with a scenario of disruption to the normal functioning of the country,” ENSE - National Energy Sector Entity, told Lusa.

However, it noted that Portuguese imports are not exposed to the Strait of Hormuz “in terms of the quantities of goods purchased and transported to Portugal.”

Natural gas and oil are transported through the Strait of Hormuz, which Iran has closed.

Even so, it stressed that there is a position that considers the cost factor an “exogenous condition” in the country's escalation, but said that using reserves would not be enough to avoid it.

As he pointed out, the situation in Hormuz will only have a more structural impact on prices if it continues for many weeks.

At this point, there is no reason for alarm, and only careful monitoring is necessary in the short term.

“In this sense, it is important to assess at the European level the evolution of the situation, which, for now, will not immediately generate a supply problem, and this is what is happening in the European Union with the sharing of information to analyse this issue and decide on the need to take response measures,” he added.

ENSE also insisted that Portugal is not exposed to the Strait of Hormuz in terms of supply and that, in the event of intervention, this should be coordinated “at least at the European level.”

On Monday, the Minister of Economy acknowledged that the increase in oil prices “is not good news” and said that the government would take the necessary steps to keep the economy running if needed.

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

On the sidelines of a meeting in Faro of the Regional Council of the Algarve Development Coordination Commission (CCDR), 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 government “will always be vigilant, and its obligation is to be vigilant in order to take appropriate measures at all times to ensure that the economy functions, that people have decent living conditions, and that public finances are balanced.”

Israel and the United States launched a military attack against Iran on Saturday to “eliminate 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 said the operation aims to “eliminate imminent threats” from Iran, and Israeli Prime Minister Benjamin Netanyahu justified the joint action against what he called an “existential threat.”

Iran has already confirmed the death of Ayatollah Ali Khamenei, the country's supreme leader since 1989, and has decreed a 40-day period of mourning.

According to the Iranian Red Crescent, the attacks by Israel and the United States have killed 787 people since Saturday. The US Army has confirmed the deaths of six American soldiers.

PE/ADB // ADB.

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