Good morning, Lisbon, and happy Good Friday. It's April 3, we're looking at 18°C with sunshine, and while Lisbon is quiet for the holiday, the world is not.
Yesterday, 35 countries met to discuss how to reopen the most important oil chokepoint on earth. Portugal was one of them. Let's get into it.
🌬️ AIR QUALITY: 21 (Good). Holiday-clean air.
🗞️ TOP STORY
PORTUGAL IS NOW PART OF THE COALITION TO REOPEN HORMUZ. HERE'S WHY THAT MATTERS TO YOU.
Yesterday, representatives from 35 countries met in a virtual summit chaired by British Foreign Secretary Yvette Cooper to discuss how to reopen the Strait of Hormuz, the narrow waterway between Iran and Oman through which roughly 20% of the world's seaborne oil trade flows. Portugal was among the signatories of the coalition's joint statement.
If you've been reading this newsletter, you already know the backstory. Since late February, the US-Israeli war against Iran has led to the effective closure of the strait. Iran's Revolutionary Guard has attacked commercial ships, laid mines, and issued blanket warnings prohibiting vessel passage. Oil prices surged past $100 a barrel in early March, hitting $126 at the peak. The International Energy Agency has called it the largest disruption to the energy supply since the 1970s.
That crisis is the reason diesel in Lisbon broke €2 per litre. It's why the Banco de Portugal cut its growth forecast by half a percentage point. It's why inflation just hit 2.7% in March. It's why consumer confidence is at its lowest since December 2023. Every economic story we've covered this month traces back to a 34-kilometre wide stretch of water between Iran and Oman.
Portugal signed the joint statement on March 19, pledging "readiness to contribute to appropriate efforts to ensure safe passage through the strait." Yesterday's meeting was the first formal gathering of the group, led by the UK and France. Military planning meetings will follow in the coming weeks. European officials say the first phase would likely focus on mine clearance, followed by escort operations for tankers.
The United States did not attend yesterday's summit. Donald Trump told allies to "build up some delayed courage" and "just grab it," adding that the US "does not need the help of anyone." The coalition is partly a European attempt to show Washington that it can step up on its own security, an argument with obvious implications beyond the strait.
For Portugal specifically, this is significant. The country is more exposed to energy price shocks than many EU neighbours. Around 30% of its electricity still comes from non-renewable sources, and its transport sector runs almost entirely on imported fuel. Joining the coalition signals that Lisbon recognises the Hormuz crisis isn't just a Middle Eastern problem. It's a Portuguese kitchen table problem.
Bottom line: The crisis that's been emptying your wallet has a war room now. Whether it gets results is another question, but at least the countries feeling the pain are in the same room.
⚡ QUICK HITS
Inflation hit 2.7% in March, up from previous months, according to preliminary data from the national statistics office. Energy prices remain the primary driver. This is in line with the Banco de Portugal's full-year forecast of 2.8%. If the Hormuz situation doesn't improve, it could go higher.
The citizenship crackdown hit a wall. Portugal's Constitutional Court has struck down key provisions of the proposed Nationality Law overhaul, which would have doubled the residency requirement for citizenship from five to ten years. The ruling means the current five-year pathway remains in effect. Parliament can redraft and try again, but for now, the existing rules stand. If you're on a residency pathway and considering citizenship, this is a good moment to start the process.
AIMA is still AIMA. Police were called to the Porto service centre on Tuesday after around 60 people gathered outside to find the doors locked more than an hour after opening time. One Brazilian citizen told Lusa he'd travelled from Lisbon specifically for his appointment. AIMA hasn't explained the closure. If you have an appointment next week, confirm it before you travel.
It's Good Friday. Banks, government offices, and most shops are closed. Supermarkets are generally open on reduced hours. Pharmacies operate on a rota system. Check "farmacia de servico" on the Farmacias Portuguesas app. Restaurants in tourist areas will mostly be open. Enjoy the quiet.
🍽️ SPOT OF THE DAY
A GOOD FRIDAY WALK: CAIS DO SODRE TO BELEM
It's a holiday, the sun is out, and half of Lisbon's restaurants are closed. So instead of a restaurant, here's the best thing to do in Lisbon on a quiet holiday morning: walk the riverfront from Cais do Sodre to Belem.
Start at the Mercado da Ribeira. The Time Out Market (timeoutmarket.com/lisboa) is usually open on public holidays if you need coffee, but check hours before you go. Head west along the waterfront path past the Santo Amaro docks, where the old warehouses have been converted into restaurants and bars. Keep going past MAAT (maat.pt), the Museum of Art, Architecture and Technology, whose undulating white roof is worth seeing from the outside even if you don't go in. Continue to the Torre de Belem (torrebelem.com) and the Jeronimos Monastery.
The whole walk is about 4km, flat, and takes 45 minutes to an hour depending on how many times you stop to look at the river. On a Good Friday morning with the city this quiet, it's one of the most peaceful walks in Europe. Bring a coffee. Leave the earphones at home. Let the Tagus do the talking.
If you do want to eat: Ponto Final across the river in Cacilhas (take the ferry from Cais do Sodre) serves some of the best grilled fish in the Lisbon area, with a terrace looking straight at the 25 de Abril bridge. It's usually open on holidays but worth checking before you cross. Expect to queue, and worth every minute.
📅 WHAT’S ON
Good Friday (Today) Public holiday. Most things closed.
Easter Sunday (Sun April 5) Public holiday. Churches across Lisbon hold services in Portuguese and English.
Tame Impala (Sun April 5) MEO Arena. Easter Sunday show. Doors open 7pm.
Easter Monday (Mon April 6) Not a public holiday in Portugal. Back to work.
Rosalia (Wed April 8) MEO Arena. Tickets still available.
📜 ON THIS DAY
April 3, 1860. The first Pony Express mail delivery departed from St. Joseph, Missouri, heading west to Sacramento, California. The service promised to carry letters nearly 2,000 miles across plains, deserts, and mountains in just 10 days, using a relay of riders on horseback changing mounts at stations every 10 to 15 miles. It was considered a marvel of logistics and endurance. It lasted 18 months before the telegraph made it obsolete.
The Pony Express is now remembered less for what it delivered than for what it represented: a brief, romantic, wildly impractical solution to a communication problem that technology was about to solve anyway. On a quiet Good Friday in Lisbon, there's something comforting about that. Not everything needs to last forever to matter.
See you tomorrow morning.
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