The Portugal Brief — Daily Briefing, March 1, 2026

Iran Crisis Dominates Global Headlines

The US and Israel launched joint military strikes against Iran on Saturday, hitting Tehran and seven other cities. Iranian state media confirmed the death of Supreme Leader Ayatollah Ali Khamenei. Iran retaliated with missile strikes hitting airports in Dubai, Abu Dhabi, and Doha, killing at least one person and injuring eleven. The Strait of Hormuz has been closed to commercial traffic, threatening approximately 20 percent of global oil supply. The EU issued a statement calling for "maximum restraint," while European allies stressed they were not involved in the operation.

Oil Prices Set to Surge on Hormuz Closure

Analysts expect Brent crude to spike above $100 per barrel following Iran's closure of the Strait of Hormuz. Portugal does not import Iranian crude directly, but rising global prices will feed through to fuel costs and consumer goods. The government has not yet announced specific cushioning measures, though strategic petroleum reserves cover approximately 90 days of imports.

Portugal Welcomed Record 31 Million Tourists in 2025

Official figures confirm Portugal registered 31 million tourists last year, generating 29 billion euros in revenue. The accommodation sector recorded 32.5 million guests and 82.1 million overnight stays, both up on the previous year. Porto alone welcomed over three million visitors. The debate over whether the country has reached its tourism capacity continues to intensify.

Housing Appraisals Hit Record EUR 2,025 Per Square Metre

Average bank appraisal values in Portugal reached an all-time high of 2,025 euros per square metre, up 17.7 percent year-on-year. The surge is driven by overlapping domestic, tourism, and international investor demand competing against chronically limited supply. Non-EU buyers face tighter mortgage conditions, with loan-to-value caps typically 20 to 30 percentage points lower than those available to residents.

Festival da Cancao Selects Ten Finalists for Eurovision

The second semi-final of Festival da Cancao 2026 completed on Saturday, determining the final five qualifiers. Ten acts will compete in the grand final on March 7 for the right to represent Portugal at the 70th Eurovision Song Contest in Vienna. Notable qualifiers include Bandidos do Cante and televote wildcard Goncalo Gomes.

577 Seasonal Farm Roles Open for Non-EU Workers

Portugal has opened applications for 577 seasonal agricultural positions for non-EU workers ahead of summer 2026. Permits are valid for up to nine months within a 12-month period. Employers are required to provide or confirm approved accommodation for workers under the programme terms.

Europe Distances Itself from US-Led Iran Strikes

European governments moved quickly to stress they were not participants in the US-Israeli military operation against Iran. A joint EU Commission and Council statement described developments as "greatly concerning" and reaffirmed commitment to regional stability. The Washington Post reported that the attack presents Europe with a new test in already-strained transatlantic relations, as appeals for restraint clash with the Trump administration's assertion that force will succeed.