Good morning from the Financial Times.

Today is Friday, March 6th, and this is your FT News briefing.

The threat of an energy supply crunch is causing problems for a lot of countries,

and American data centers have become a target in the Iran conflict.

Plus, America's biggest bank wants to buy an historic New York City hotel.

But there's a problem.

The wrinkle is that the Pakistani government doesn't want to sell the whole thing.

There is a kind of political element to this.

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

As the war in Iran enters its seventh day, the world's energy supplies hang in the balance.

The Gulf's biggest oil producers are expected to start shutting down oil fields in the next few days.

That's because they're running out of storage space, and that means they're now racing to export existing supply. All of this is happening because energy shipments through the Strait of Hormuz

have essentially ground to a halt. U.S. President Donald Trump earlier this week offered

naval escorts and additional

insurance to encourage tankers to make the journey, but the F.T. has learned that doesn't actually

look like a viable option. Jamie Smith is our U.S. energy editor. He joins me now to dig into the

complexities of this promise. Hi, Jamie. Hi. So you've gotten a hold of new research from

JPMorgan on this. Why is it such a challenge to backstop these ships that are transiting through

the Strait of Hormuz? I think there's a number of issues at play here. One of them is actually

to do with the huge expense of insurance. So the way the Trump administration has laid out this new strategy

is they're going to use the development finance corporation to backstop the insurance.

The DFC is the international investment arm of the U.S. government.

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