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Brent Cracks Below $100 to $99.55 on the Trump-Iran Hormuz De-escalation — Portugal's Energy-Shock Unwind Resets the Pump-Price Trajectory, Galp's Downstream Tail-Wind and the IMF Article IV's Fuel-Excise Recommendation

Brent Cracks Below $100 to $99.55 on the Trump-Iran Hormuz De-escalation — Portugal's Energy-Shock Unwind Resets the Pump-Price Trajectory, Galp's Downstream Tail-Wind and the IMF Article IV's Fuel-Excise Recommendation

Brent July futures cracked below $100 to $99.55 on Thursday, down 12.5% from Tuesday's $113.54 peak, after Trump paused the Hormuz Project Freedom escort initiative. The unwind resets pump-price trajectories and reframes the IMF Article IV fuel-excise recommendation.
The Portugal Brief
EDP's Q1 2026 Net Profit Falls 12% to €378 Million on a Lower Iberian Wholesale Tape — But Stilwell Lifts Full-Year Guidance 5% to €5.2 Billion EBITDA and €1.3 Billion Profit, and Closes the Door on Miranda Sarmento's Windfall Tax

EDP's Q1 2026 Net Profit Falls 12% to €378 Million on a Lower Iberian Wholesale Tape — But Stilwell Lifts Full-Year Guidance 5% to €5.2 Billion EBITDA and €1.3 Billion Profit, and Closes the Door on Miranda Sarmento's Windfall Tax

EDP Q1 2026 net profit fell 12% to €378M on lower Iberian wholesale prices; recurring profit rose 9% to €399M. Stilwell raised 2026 EBITDA guidance 5% to €5.2 billion and net-profit guidance to €1.3 billion. Management closed the door on Miranda Sarmento's windfall tax.
The Portugal Brief
REN's Q1 2026 Net Profit More Than Doubles to €36.2 Million on a Storm-Hit Comparison Base — EBITDA Up 11.1% to €143.2 Million as Chile Contributes, CESE Gas Levy Disappears and Electricity Demand Hits a 14.6 TWh First-Quarter Record

REN's Q1 2026 Net Profit More Than Doubles to €36.2 Million on a Storm-Hit Comparison Base — EBITDA Up 11.1% to €143.2 Million as Chile Contributes, CESE Gas Levy Disappears and Electricity Demand Hits a 14.6 TWh First-Quarter Record

REN booked Q1 2026 net profit of €36.2 million, up 150.7% on the storm-hit Q1 2025 base. EBITDA rose 11.1% to €143.2 million, capex fell 29.9%, and electricity demand hit a 14.6 TWh first-quarter record. CESE-gas elimination added €10M of tax relief; Portgás CESE-2022 ruling added another €4.1M.
The Portugal Brief
Ministério Público Closes All Six DIAP Inquiries Into Deaths During the November 2024 INEM Strike — Pombal Court Reads 'No Robust Indications' Linking the Response Delay to a 53-Year-Old's Heart Attack in Ansião

Ministério Público Closes All Six DIAP Inquiries Into Deaths During the November 2024 INEM Strike — Pombal Court Reads 'No Robust Indications' Linking the Response Delay to a 53-Year-Old's Heart Attack in Ansião

The PGR confirmed today that the Ministério Público archived all six DIAP inquiries into deaths during the November 2024 INEM strike — Bragança (×2), Pombal/Ansião, Tondela, Almada and Vendas Novas — closing the criminal channel even after IGAS linked three of those deaths to response delays.
The Portugal Brief
AdC Blocks Boluda's Acquisition of Remolcanosa Portugal — Sines Tug and Mooring Market Saved From Collapsing Into a Monopoly After a December 2025 Phase-2 Probe and Two Rejected Remedy Packages

AdC Blocks Boluda's Acquisition of Remolcanosa Portugal — Sines Tug and Mooring Market Saved From Collapsing Into a Monopoly After a December 2025 Phase-2 Probe and Two Rejected Remedy Packages

The Autoridade da Concorrência today blocked Spain's Boluda from acquiring Remolcanosa Portugal — Serviços Marítimos. The deal would have collapsed the Port of Sines tug-and-mooring market into a monopoly. Two remedy packages were filed and both were rejected as insufficient.
The Portugal Brief
Council of Ministers Approves the INEM Refoundation Diploma — Public Institute of Special Regime, Clinical and Nursing Directors Locked Into the Top Cadre, Doctor No Longer Required at the Presidency

Council of Ministers Approves the INEM Refoundation Diploma — Public Institute of Special Regime, Clinical and Nursing Directors Locked Into the Top Cadre, Doctor No Longer Required at the Presidency

The Council of Ministers today approved the new organic law for INEM. The Portuguese emergency-medical institute is converted into a Public Institute of Special Regime, gains a Clinical Director and Nursing Director on the top cadre, and the presidency no longer requires a medical degree.
The Portugal Brief