Victoria Craig hosts this Financial Times news briefing featuring Jamie Smith, U.S. energy editor, and Joe Daniels reporting on Cuba. The episode covers escalating tensions over Iran's closure of the Strait of Hormuz, global energy supply disruptions, and Cuba's deepening economic crisis.

Key topics include President Trump's 48-hour ultimatum to Iran, the strategic energy conference in Houston bringing together industry titans, China's pivot toward energy independence through stockpiling and electrification, and Cuba's desperate fuel shortage following the loss of Venezuelan oil supplies after Maduro's capture by U.S. forces.

Iran's Strait Closure Threatens Global Food Crisis

Trump set 48-hour deadline for Iran to reopen Strait of Hormuz, threatening to strike power plants if shipping doesn't resume, with 70,000 tons of food aid currently stranded at sea

UN World Food Program warns 45 million people could face acute hunger if disruption continues, with 21,000 tons of wheat for Yemen stuck in Oman and Congo shipments delayed in Tanzania

Iran threatens indefinite closure and attacks on regional energy targets if Trump follows through on power plant strikes

Houston Energy Summit Focuses on Crisis Response

Energy titans including Adnoc's Al-Jabr and Saudi Aramco's Amin Nasser will urge U.S. officials to de-escalate Middle East crisis to protect oil infrastructure

U.S. Energy Secretary Chris Wright and Interior Secretary Doug Bergham expected to push American producers to drill more and boost supply before November midterm elections

Japanese and Asian buyers seeking spare U.S. capacity as American oil and LNG companies position themselves as 'safe, reliable partners' - Jamie

China's Strategic Energy Pivot Gains Advantage

China stockpiled over a billion barrels of oil in 18 months and suspended fuel exports while pursuing electrification agenda, contrasting with U.S. fossil fuel dominance strategy

Canadian oil exports to China quadrupled last year due to new pipeline opening, with plans to boost LNG industry along Canada's west coast

Premier Li Chiang pitched China as 'harbor of stability' to 70+ CEOs including Apple, UBS, and HSBC leaders, emphasizing predictable commercial environment

Cuba's Existential Energy Crisis Deepens

Cuba suffered second nationwide blackout in under a week with no oil imports for three months since Venezuelan shipments stopped after Maduro's U.S. capture

Two critical fuel ships - Hong Kong-flagged Seahorse with 27,000 tons Russian gas and Russian tanker with 725,000 barrels oil - face uncertain delivery schedules

Cuba produces only 40,000 barrels daily against 100,000 barrel demand, creating 'one of the most existential crises' for the Communist Party since the 1960s - Joe

Economic impact includes hospital limitations to urgent care only, multi-day fuel queues, collapsed tourism industry, and potential pressure for U.S. deal negotiations