Axios PM

April 23, 2026
Happy Friday Jr.! Today's newsletter, edited by Alex Fitzpatrick, is 657 words, a 2½-min. read. Thanks to Sheryl Miller for copy editing.
⚡️ Situational awareness: Former U.S. Navy Secretary John Phelan, who stepped down yesterday, in a statement sent first to Axios: "I leave with deep respect for those in uniform and full confidence that this force will continue to fight tonight and win tomorrow."
1 big thing: Stocks and oil sail past each other

The Iran war's stock-oil connection is fraying, Axios' Emily Peck reports.
- When the war started, stocks fell and oil prices rose amid worries of economic fallout from a historic energy shock.
- Lately, stocks have risen when peace seemed imminent. But oil prices are climbing, too, on fears of prolonged supply shortages.
The disconnect highlights a key distinction between the stock market, which often seems to trade on vibes, and commodities markets, which are tethered to real physical goods.
📈 Case in point: Stocks rose yesterday after President Trump extended the ceasefire.
- So did oil prices, fueled in part by a report that clearing mines from the vital Strait of Hormuz could take as long as six months.
- Trump wrote on Truth Social this morning: "I have ordered the United States Navy to shoot and kill any boat, small boats though they may be (Their naval ships are ALL, 159 of them, at the bottom of the sea!), that is putting mines in the waters of the Strait of Hormuz."
🛢️ Reality check: Oil prices are still far below some predictions from the start of the war.
- That's partly because investors believe oil will eventually get cheaper again.
- Yet analysts say that even if Hormuz is made navigable, it'll take time to re-establish normal shipping and logistics there.
👀 What we're watching: Right now, Asia is the epicenter of the oil supply crisis — but that pain could soon spread globally.
- Royal Bank of Canada analysts, writing in a note this morning: "The stage is set for a cruel summer."
2. 🤷 Young Americans are losing faith in politics

Half of young Americans say they "don't have any say about what the government does," according to Harvard Youth Poll findings out today.
- That's up a staggering 15 points from 2017, and based on a survey of 2,018 18- to 29-year-olds polled March 26–April 3.
👎 59% say the country's headed in the wrong direction. That's the highest share since the poll's current methodology began in 2009.
- Just 13% say it's on the right track.
🎓 The Institute of Politics at Harvard Kennedy School, which runs the poll, says: "What once converted concern into action is becoming something more conditional — a generation still paying attention, still showing up, but increasingly unsure that their voice carries weight."
3. ⚡️ Catch me up

- ☄️ An interstellar comet that flew past Earth last December probably came from a cold, isolated corner of the galaxy, scientists said today. Comet 3I/Atlas, which could be up to 11 billion years old, is now past Jupiter as it leaves our solar system. Go deeper.
- 🌱 Todd Blanche, President Trump's acting attorney general, signed an order today reclassifying state-licensed medical marijuana, a major policy shift long sought by advocates. Go deeper.
- 🎥 Warner Bros. Discovery shareholders voted overwhelmingly in favor of a nearly $111 billion megamerger with Paramount. WBD expects the deal to close in Q3, but it still faces regulatory approval. More from Sara Fischer.
4. ✈️ 1 for the road: Just plane weird

Soaring jet fuel costs could revive airlines' interest in radical "blended wing body" aircraft, Axios' Joann Muller reports.
- Their manta ray-style design promises less drag and more lift, cutting fuel needs by 30% or more.
🛩️ Two aerospace startups are pushing these futuristic-looking aircraft.
- JetZero has raised $226 million and is backed by United Airlines and Alaska Airlines. It also has a $235 million Defense Department contract to develop a full-size demonstrator by 2027.
- Natilus announced $28 million in Series A financing earlier this year.
💵 Reality check: There's still a long path to proving such aircraft can be viable.
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