Good morning from the Financial Times. Today is Monday, May 18th, and this is your FT News briefing.

Costs to ship goods around the Strait of Hormuz are hitting record highs, and there's a very real cliff edge coming for global energy markets this summer.

Plus, an update for you on the UK's

political turmoil. The instability in the UK, where we've now had more prime ministers than Italy since

2015, is worrying for anyone taking over and, well, frankly, anyone in the country.

I'm Victoria Craig, and here's the news you need to start your day.

Thank you. I'm Victoria Craig, and here's the news you need to start your day. When it comes to the U.S. Iran War, there's been one question on the minds of politicians,

company executives, and even consumers. For months, when will the Strait of Hormuz reopen?

U.S. military officials say Iran laid some minds in the strait, but it's unclear how many

and where they might be, and that has been enough to effectively halt shipping

through the critical waterway. Now, though, defense companies and marine contractors are preparing

to deploy uncrewd mine clearing systems in and around the strait. The UK last week pledged to

send autonomous Canadian-built vessels to help reopen the waterway, quote,

when conditions allow. In the meantime, companies have resorted to shipping goods by land instead,

but they're facing backlogs and extra charges. Freight rates for goods going from Shanghai to the Gulf

and the Red Sea hit a record high last week, surpassing even pandemic peaks.

All of the focus so far has been on how good transit the strait, but there's an excellent

piece on what life has actually been like for the seafarers who have been stuck on those stranded

ships. You can, of course, find a link to that story in our show notes.

Well, with shipping in the strait stagnant and very little oil moving out of the region,

the world has been living beyond its energy means.

To cover demand and to try to keep prices in check,

...