US oil refineries race against dwindling supply

23 July 2026 · 10m

FT News Briefing

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Show notes

Tesla reported its first cash burn in more than two years in the second quarter, and US oil refineries are running at full tilt as wars in the Middle East and Ukraine choke global supplies of fuels such as diesel. Plus, the UK consumer price index dropped in June, and Deutsche Bank’s headquarters was raided for the third time this year.

Mentioned in this podcast:

Tesla profits plunge as discounts on EV models weigh on results

US oil refineries run at breakneck speeds as wars choke fuel supplies

Trump threatens to destroy Iranian bridges and power plants

UK inflation falls more than expected to 2.6% in June

Deutsche Bank headquarters raided for third time this year

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The FT News Briefing is produced by Victoria Craig, Sonja Hutson, Saffeya Ahmed, Katya Kumkova, and Fiona Symon. Our editor is Marc Filippino. Our show is mixed by Sam Giovinco and Alex Higgins. Additional help from Gavin Kallmann, Michael Lello, Peter Barber and David da Silva. Our intern is Cole van Miltenburg. Our executive producer is Topher Forhecz. Flo Phillips 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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