Starmer fights for political survival
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 11 May 2026
⏱️ 12 minutes
🧾️ Download transcript
Summary
A gas shipment made it through the Strait of Hormuz as European oil majors cash in billions from the US-Israeli war on Iran, airlines across Europe are cutting prices for summer flights despite a potential jet fuel shortage, and bond giant Pimco says the war could prompt the Federal Reserve to raise rates. Plus, the FT’s Lucy Fisher explains what to expect from a make-or-break speech by UK prime minister Keir Starmer today.
Mentioned in this podcast:
Qatari gas shipment clears Strait of Hormuz after Pakistan-Iran talks
Euro oil majors make billions off war
Coal shipments jump as countries seek alternatives to disrupted gas supplies
Airlines cut prices to entice holiday bookers worried about jet fuel
Iran war could prompt Federal Reserve to raise rates, Pimco says
Starmer faces fight for survival as calls to resign escalate
Britain’s elections in maps and charts
Note: The FT does not use generative AI to voice its podcasts
Today’s FT News Briefing was hosted by Victoria Craig, and produced by Katya Kumkova, Marc Filippino and Saffeya Ahmed. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:05.5 | Today is Monday, May 11th, and this is your FT News briefing. |
| 0:10.1 | We've got a few updates on the situation in the Strait of Hormuz, and despite warnings of jet fuel shortages, some airlines are not upping their ticket prices. |
| 0:20.4 | Plus, Britain's Prime Minister will step up to the podium today |
| 0:23.4 | as calls for him to resign get louder. |
| 0:26.9 | This is being billed as the speech of Stama's career |
| 0:30.5 | after the absolutely dismal results for the ruling Labor Party in the local elections. |
| 0:36.6 | I'm Victoria Craig, and here's the news you need to start your day. |
| 0:48.8 | We've been talking for months about how oil tankers have been stuck in the Gulf. |
| 0:53.1 | That's because the Strait of Hormuz has |
| 0:54.8 | been effectively shut since the U.S.-Israeli war on Iran began back in February. But just yesterday, |
| 1:01.4 | a Qatari gas shipment made it through. It's bound for Pakistan and is the first from Qatar |
| 1:06.6 | to make it through the strait with Iran's sign-off since the war started. The tanker's lonely |
| 1:11.4 | journey through the waterway comes as European oil majors are reaping billions of dollars from the |
| 1:16.9 | energy market turmoil. Analysts estimate that Shell, BP, and Total energies raked in as much as |
| 1:23.0 | $4.75 billion from volatile price swings. But as these oil giants earn a windfall from the war, |
| 1:29.9 | Asian nations are forced to look at oil and gas alternatives, namely coal. Shipments of the |
| 1:35.6 | carbon-intensive fuel typically slow down by this time in the year as the heating season nears |
| 1:40.2 | an end. But analysts estimate that global coal imports in May are expected to be the |
| 1:45.8 | third highest monthly figure on record. |
| 1:53.6 | One of the big questions around the energy crisis is how soaring fuel prices will impact the |
| 1:58.8 | summer travel season. Industry insiders say airlines and their |
... |
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