The Trump administration’s maximum-pressure campaign—anchored in the January 2026 national emergency declaration, oil-supply tariffs, and the May indictment of Raúl Castro—has intensified economic sanctions and diplomatic isolation without triggering military action. Cuba’s resulting fuel shortages, blackouts, and prisoner releases reflect concessions under duress rather than battlefield developments. U.S. officials have repeatedly framed regime change as achievable through a “deal” or “friendly takeover,” while military assets positioned in the Caribbean remain tied to sanctions enforcement and surveillance. With no major escalation or authorization for invasion by mid-2026, and analysts citing substantial operational costs absent a triggering incident, trader consensus assigns the “No” outcome a 77.5% implied probability.