
Good morning {{first_name | Intriguer}}. If thereโs one thing thatโs consistent about the Trump administration, itโs that its policy pivots keep everyone guessing.
We know a lot has happened since January this year โ but if you cast your mind back to then, you may recall that the Trump administration had intensified its policy toward Cuba, aiming to severely restrict oil access to force regime change.
But as weโll see in our top story for today, the administration has now allowed a sanctioned Russian tanker to deliver fuel to alleviate shortages, claiming no formal shift in US policy, but rather that itโs taking a case by case approach. Letโs dive in and see what thatโs all about.

PS โ Thursday is our last briefing this week, but weโll be back in your inbox next Tuesday!
Intrigue Insight: Iran war - day 32
On the battlefieldโฆ
US/Israeli bunker-busters seem to have struck a massive arms depot in Isfahan, while an Iranian drone has hit a loaded Kuwaiti tanker in Dubaiโs anchorage zone.
Comment: Pentagon chief Pete Hegseth is making an announcement shortly. The timing (before US markets open, on the last day of Q1) suggests it might be โgood newsโ, but the seniority (i.e., not the president) suggests it canโt be *that* good.
In the marketsโฆ
US gasoline prices are now averaging above $4/gallon for the first time since 2022, while conflict jitters have erased nearly $12T in global market cap.
Comment: Meanwhile, Chinaโs pivotal jet fuel role in Asia empowers it to a) deliver an easy soft power win versus a USA being blamed for the shortages, b) flex its foresight domestically in building historic reserves, and c) leverage shipments to reward friends and punish foes (though itโs mostly just vague statements so far).
Other:
US futures jumped after The Wall Street Journal reported Trump telling aides he could be willing to declare victory and walk away, even with Hormuz blocked. That seemed to jive with his secretary of state (Rubio) now shifting the goalposts from regime change, nukes, and Hormuz, to instead destroying Iranโs a) air force, b) navy, c) arms factories, and d) most of its missile-launching capability.
Comment: At this point, weโre more inclined to watch Trumpโs military build-up rather than these market-friendly leaks. In addition to pumping markets (though oil actually rose on the news), it could just be the kind of Trump ploy weโve seen in Ukraine and elsewhere: create urgency and shift risk until others share more burden.
Havana bad time

When youโve got a human headline in the White House, itโs hard to know where to look: take Friday, when the entire press corps almost stroked out over President Trumpโs claims that the Saudi crown prince is kissing his cheeks (not the facial ones), while we quietly double-clicked on this bit: "Cuba's next, by the way, but pretend I didn't say that please".
The Saudi stuff is domestic bravado (and the Gulf wields flattery as a tool), but that Cuba line? Just as Trump allows a sanctioned Russian tanker to break his own oil blockade on Cuba? Even though his blockade justification cites Cubaโs โalignmentโ withโฆ Russia?
What โ and we cannot stress this enough โ is going on.
Here are the four main theories.
First, Trump himself has framed it all as a lifeline for Cuba. And yes, the conditions in communist-ruled, US-embargoed Cuba are now dire amid blackouts thatโve shuttered schools, halted trash collection, and gutted tourism. Thoughโฆ that was also the point: cause pain until the regime relents. And then if youโre going to let someone play saviour, why anoint the exact despot the embargo is meant to counter in the first place?
Second, Trump has also argued itโs no big deal, andโฆ he has a point here. Those 730,000 barrels would ordinarily sustain activity on the island for perhaps another 10 days or so.
Third, maybe Trump just TACOd? [glossary: TACO = Trump Always Chickens Out] This theory posits that, with things getting messy in Iran, and a sanctioned Russian tanker steaming towards Cuba, maybe Trump just blinked: easier to let a tanker through rather than add another escalation to your in-tray. Though if (like Trump) youโve already seized a half-dozen Russian tankers without Putin doing a thing, why not board a seventh?
Thenโฆ fourth, could this be linked to US-Cuba talks? Cubaโs Miguel Dรญaz-Canel started publicly acknowledging these talks after the yearโs first mass blackout, so maybe Trump is greenlighting this Russian tanker to ease a little pressure as talks advance? The timing also aligns with Cubaโs release of 51 political prisoners due this week, not to mention word that Americaโs own embassy in Havana is struggling without oil. It all smells a bit like what diplomats might call โconfidence-building measuresโ.
All four theories look plausible, though US-Cuba talks are the neatest all-of-the-above: loosen that noose just enough to avert a full collapse and ugly optics, while maintaining negotiating momentum just as Cuba holds up its end of an initial deal (prisoners). The main loose thread is why โ of all the tankers across all the seven seas โ Trump is using this tanker, under US sanctions, and flying the flag of the guy heโs supposedly thwarting.
And the bigger question is stillโฆ what does the US ultimately want?
Secretary of State Rubioโs latest remarks pushed back on word DC might settle for an economic easing on the island, like a Venezuela 2.0: โWhoโs going to invest billions of dollars in a communist country run by incompetent communists? โฆ Giving people economic and political freedom is important, but they come hand in hand. They come together.โ
But if DC still wants regime change, the dominant Castro family is still there, whether itโs Fidelโs 41-year-old great-nephew reportedly leading the talks (Raul Rodrรญguez), or his other 55-year-old great nephew (Oscar Pรฉrez-Oliva) who just got wheeled out to offer the latest olive branch: allowing Cuban emigres to invest in the island.
Meanwhile, last monthโs weird incident that left four Florida-based Cubans dead suggests the regime doesnโt plan to surrender control without a fight.
Soโฆ maybe weโre just seeing hardball in public while talks proceed in private? Or maybe Trumpโs โCuba is nextโ suggests heโs really running out of patience, like he did with Venezuela? Or maybe โ like a Saudi prince puckering up โ it means nothing at all.
Intrigueโs Take
If youโve ever visited Cuba, youโll have stepped foot in the big Plaza de la Revoluciรณn, one of the worldโs largest open squares, and the political and symbolic heart of todayโs regime.
Itโs dominated in the middle by a massive 109-metre (358ft), pre-Castro tower featuring Cubaโs independence martyr, Josรฉ Martรญ โ his 1895 battlefield death while trying to oust Spainโs colonialists has long reminded Cubans that freedom ainโt free.
Right behind him stands the plazaโs least ostentatious but most powerful building, the communist party HQ โ a quiet reminder that in Cuba, real power moves in the shadows.
Opposite, youโll see the famous 15-ton steel mural of Che Guevara, the photogenic face for the regimeโs vast intelligence apparatus hiding in the interior ministry behind him โ the spooks whoโll throw you in prison if you voice any dissent.
But maybe the plazaโs most revealing feature is also its least-known to outsiders: adorning the communications ministry, the same artist delivered another steel mural of Fidelโs young lieutenant, Camilo Cienfuegos. When delivering five-hour speeches (an authoritarian trademark), Fidel would famously seek encouragement from Camilo, whoโd dutifully reply, โvas bien, Fidelโ (youโre doing well!). It became such a slogan of blind loyalty to the supreme leader, the regime even added the words to the mural in 2009.
All that to sayโฆ whether this all ends in a controlled transition, another decade of managed decline, or some sudden bout of US impatience, the Castros are still entrenched in an authoritarian architecture that remains intact โ and this prisoner release plus investment olive branch suggests theyโre still negotiating survival on their own terms.
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Meanwhile, elsewhereโฆ


๐ซ๐ทย FRANCE โ Japan trip!
Emmanuel Macron is joining every other Western 40-something making a trip to Japan this year, touching down in Tokyo today (Tuesday) for a three-day visit before heading to South Korea. (NHK)
Comment: Actively deepening ties with the two most capable US allies in Asia, he might be fleshing out his famous โstrategic autonomyโ idea: building a bit of like-minded ballast amid a distracted US, an assertive China, and an aggressive Russia.

๐ฎ๐ฑย ISRAEL โ Death penalty.
The foreign ministers of France, the UK, and even Italy and Germany have issued a joint statement opposing Israelโs new Death Penalty for Terrorists law, which makes capital punishment the default for West Bank Palestinians convicted of lethal terror attacks. The text highlights the lawโs โde facto discriminatory characterโ โ ie, the way it applies almost exclusively to Palestinians rather than (say) Israeli settlers convicted of violent attacks. (Italyโs foreign ministry)
Comment: Itโs a win for nationalist-right cabinet members like Ben-Gvir (NatSec) whoโve repeatedly threatened to rug-pull Netanyahu if he didnโt get the bill passed. Israel has had the death penalty on the books since 1948, yet only ever carried it out against one person: convicted Nazi war criminal, Adolf Eichmann.

๐น๐ผ TAIWAN - Friendly visit. ย
Chinaโs Xi Jinping has invited the leader of Taiwanโs Beijing-friendly Kuomintang opposition to China for the first such visit in over a decade. (Taipei Times)
Comment: The most interesting thing about this invite might be its timing: just as US senators visit Taiwan, and ahead of Trumpโs own sit-down with Xi in May.

๐ท๐บ RUSSIA - Persona non grata. ย
Russia has expelled another British diplomat on accusations of spying, a charge London has denied. We say โanotherโ because the Russians booted another Brit in January, and two more last year (London has responded in kind). (BBC)
Comment: These two olโ Cold War foes have been thinning out each otherโs embassies for years โ spying charges (true or not) are a low-cost way to curb a foeโs footprint and intimidate whateverโs left. Interestingly, the Russians emphasised this particular Brit was carrying out economic espionage via unofficial meetings with experts, hinting at the Kremlinโs sensitivity as wartime pressure on its economy grows.

๐ฎ๐ฉ INDONESIA - Peacekeepers killed. ย ย
The UN has launched an investigation after unspecified โindirect artillery fireโ killed at least three Indonesian peacekeepers deployed to Lebanon amid intensifying Israel-Hezbollah fighting. (Independent)
Comment: This might curb Jakartaโs enthusiasm to send peacekeepers to Gaza โ something thatโs been rumoured for months.

๐ง๐ท BRAZIL - Crime and Punishment?ย ย
Amid lobbying by the sons of jailed former leader Jair Bolsonaro, the US is mulling whether to designate Brazilโs two largest drug gangs as terrorist groups. (NYT $)
Comment: Neighbouring Bolivia backs the idea, but Brazil itself is pushing back amid fears it could presage more US intervention. The bigger risk might be political ahead of Brazilโs October elections, with a tough-on-crime Bolsonaro son (Flavio) now favoured to win.

๐ช๐ฌ EGYPT - New Arab League chair. ย ย
Former top Egyptian envoy Nabil Fahmy has emerged as the Arab Leagueโs next secretary-general. (Africa News)
Comment: Itโs unsurprising given the regionโs main bloc has only ever had a single non-Egyptian leader, and that was to protest Egypt signing its 1979 peace treaty with Israel. Otherwise, Egypt has long dominated the Arab League as the blocโs founder, host, and still its largest military power.
Extra Intrigue
What people around the world are googling
๐จ๐ฆ Canadians looked up โUS Canada border road closureโ amid news the US will close a Montana-Alberta border road to Canadians, citing border security.
The ๐ซ๐ท French searched for โenergy cheques 2026โ ahead of a new round of financial aid aimed at reducing energy prices for the most vulnerable.
And folks in ๐ณ๐ต Nepal googled โgovernment 100 pointโ as their new rapper-turned-prime-minister Balendra Shah unveiled his roadmap for the nation.
Trend of the day

While the Westโs latest viral trend involves riffing off the news that someone yeeted 14 tonnes of KitKats (Globex Corporation getting in on the fun with tweets all like โit wasnโt us hahaha!!!โ), Chinaโs craze involves changing your profile pic to the Kardashian matriarch herself, Kris Jenner!
โฆWhy? It seems folks see her as the ultimate symbol of success and prosperity, so switching that profile pic is a fun way to signal a bit of aspiration for the year ahead.
Itโs also another example of the way the West and China can sometimes mirror what they see as the otherโs best attributes: compare this Jenner craze with, say, the Westโs โChinamaxxingโ phase, with young netizens embracing customs like drinking warm water and wearing indoor slippers.
A beautiful form of cultural exchange: slippers for Jenners. Balance restored.
Todayโs poll
Why do you think Trump let the Russian tanker through to Cuba?
Yesterdayโs poll: Do you think Trump will order a ground operation against Iran in the next 10 days?
๐ฅ Yes, the military buildup isn't for nothing (74%)
๐
No, he's bluffing (23%)
โ๏ธ Other (write in!) (3%)
Your two cents:
๐ฅ J: โHe is buying into the sunken cost fallacy because he canโt find a way out of his mess.โ
โ๏ธ D.V: โEvery prediction is a futile exercise, as I'm not quite sure the administration knows what it's doing each day.โ

