The Trump administration’s maximum-pressure approach has driven U.S. policy on Cuba since January 2026, when an executive order declared a national emergency and authorized tariffs on third-country oil suppliers to the island, effectively blocking most shipments after Venezuela’s supply was cut off. Subsequent actions include sanctions on Cuba’s state oil company CUPET in June 2026 and additional measures targeting energy and port entities in July, intensifying fuel shortages and blackouts amid Cuba’s broader economic crisis. Limited licenses allowing resale of Venezuelan oil to the private sector have not altered the broader embargo framework. Diplomatic contacts, including prisoner releases and talks in March, have not produced announced sanction relief, and recent UN statements have highlighted the humanitarian impact without shifting U.S. positions. These developments shape trader assessments of near-term policy continuity versus any potential easing tied to future bilateral negotiations.