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With oil supply disrupted, Beijing's oil reserves and renewable energy push are being put to the test
Israel is reportedly running low on air defence interceptors, due in part to its war against Iran last year
The U.S. and Israel's war with Iran is likely to impact people around the world as tensions escalate around the Strait of Hormuz, a waterway on Iran's southern coast, where traffic has ground to a halt. Why it matters: Trade disruptions along this key waterway on Iran's southern coast that handles 25% of the world's maritime oil trade and 20% of liquefied natural gas shipments will likely produce a domino effect across the global economy. About 33% of the world's fertilizers, including sulfur and ammonia, travel through the strait, according to the trade analysis firm Kpler. • It's a key route for alumimum and sugar as well.Blocked access to the strait will likely impact the price of some products, including clothing, cookware, medical equipment, and more. State of play: The strait is "closed" and any vessel attempting to pass through the waterway would be set "ablaze," an Iran Revolutionary Guard Corp (IRGC) commander said Monday. Driving the news: President Trump said on Truth Social on Tuesday that the U.S. will "immediately" offer "political risk insurance and guarantees" for energy tankers and other ships in the Gulf region, and that the Navy would escort tankers through the Strait of Hormuz if needed. The U.S. has been striking Iranian warships in order to reduce Iran's stronghold over the strait. What they're saying: "The scale of what is at stake cannot be overstated," Hakan Kaya, senior portfolio manager at investment management firm Neuberger Berman, said in a blog post this week. Oil companies can likely absorb a one- to two-week slowdown, he said."A full or near-full closure lasting a month or more would require demand destruction at levels that could push crude well into triple digits and European natural gas prices toward or above the crisis levels seen in 2022," Kaya added. Here's what to know: Gas prices Threat level: With access to oil restricted, oil prices and gasoline prices have spiked. Tom Kloza, an oil analyst working for Gulf Oil, told Axios
Qatar’s energy minister told the Financial Times regional exporters may have to shut down oil and gas production within days
The US secretary of state on Wednesday urged collective action to address “dangerously concentrated” rare earth supply chains
EPA's reversal of the formal 2009 scientific finding that greenhouse gases threaten humans looks slated to land this week, per the WSJ, other reports, and people tracking the move. Why it matters: Rescinding the "endangerment finding" is the Trump administration's most direct effort yet to rip out climate regulations root and branch — and make it harder for a successor to impose new ones. The big picture: EPA did not confirm the timing, but pointed to Administrator Lee Zeldin's comments in the WSJ piece. "This amounts to the largest act of deregulation in the history of the United States," Zeldin tells the paper. "The final rule will be published once it has completed interagency review and been signed by the Administrator," EPA told Axios on Tuesday. The rule is certain to draw litigation that will play out over years. State of play: The agency is planning to remove the finding with respect to motor vehicle emissions specifically. But that could bring challenges to regulation of emissions from power plants, oil and gas sites, and beyond. What we're watching: The White House Office of Management and Budget website still lists the rule as under review. Meetings with outside parties looking to influence the plan are scheduled through Thursday, but that's not proof of anything
The country’s foreign minister said that Tehran’s forces had their “fingers on the trigger.”
The 43-day federal government shutdown weighed on the economy
Four reformist politicians were arrested Sunday in Iran
Data: Gallup; Note: Margin of error ranges between +/- 2.4 and 4.7 percentage points; Chart: Axios Visuals Americans say the country's biggest problem right now is politics, per a new global Gallup survey out Wednesday. Why it matters: Only eight other countries — out of 107 — ranked politics first, a sign of heightened political polarization and overall dissatisfaction among Americans. The only country with a statistically significant higher share identifying politics at the top was Taiwan. It's under mounting political pressure from China, which doesn't consider it a country. How it works: Gallup polled a nationally representative sample of about 1,000 people age 15 and older in each of 107 countries from March - October 2025. It asked: "According to you, what is the most important problem your country is facing currently?" Respondents wrote in answers, and Gallup grouped them into buckets. By the numbers: The answer was nearly the same everywhere: The economy was identified by a median of 23% of adults across these countries — more than double the share naming work, politics or safety, the next most common subjects. Those under 35 were more likely to identify the economy as a top concern — a sign that younger generations even in high-income countries feel the economy is failing them. The big picture: Separate polling from Gallup finds that Americans have been more likely to name government as the country's top problem for the past decade. But it's not clear exactly what problem with politics or government all Americans are worried about.For Democrats, concerns are largely centered around President Trump. Republicans are more focused on distrust of Democrats, anger at corruption and anxiety about the country's place in the world. Yes, but: People in highly democratic countries are more comfortable criticizing their governments, says Benedict Vigers, senior global news writer at Gallup. Zoom out: While Gallup has been asking Americans some version of this question
Yoon Suk Yeol's conviction marks a historic turning point for South Korea's democracy, after months of tension and unprecedentedly large protests
China’s leader called for the yuan to become a global reserve currency, part of Beijing’s efforts to play a larger role in international financial systems