Tanker ships in the Gulf of Oman off the coast of the UAE. Photo: Giuseppe Cacace/AFP/Getty Images

The weekend brought fresh pledges to protect oil tankers following last week's attacks in the Gulf of Oman, but markets picked up where they left off Friday, reacting more to bearish economic signs than heightened security fears.

Why it matters: Over 18 million barrels of oil per day — nearly a fifth of global demand — pass through the Strait of Hormuz.

Where it stands: The security of oil moving through the strait was prominent at a previously scheduled weekend meeting of G20 energy ministers in Japan, per S&P Global Platts and other reports.

  • The summit communique states: "In light of recent developments highlighting concerns about energy security, the G20 Energy Ministers acknowledge energy security as one of the guiding principles for the transformation of energy systems," Bloomberg reports.

What they're saying: "We always defend freedom of navigation. We are going to work to build out a set of countries that have deep vested interest in keeping that strait open to help us do that," Secretary of State Mike Pompeo said Sunday on CBS News' "Face the Nation," noting Asian nations' reliance on oil moved through the area.

But, but, but: Economic headwinds are checking oil prices despite the rise in geopolitical tensions.

  • "Oil prices slipped on Monday as signs of an economic slowdown amid international trade disputes began to outweigh supply fears that were stoked by attacks on oil tankers in the Gulf of Oman last week and sent prices higher," Reuters reports.
  • However, there are already other costs. A bunch of stories, like this Bloomberg piece, note surging prices for insuring tankers moving through the region.

Go deeper: A crude tug of war on the global oil market

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 30,881,522 — Total deaths: 958,493— Total recoveries: 21,119,006Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 6,794,479 — Total deaths: 199,469 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Trump campaign goes all in on Pennsylvania

Trump poster in Scranton, Pennsylvania. Photo: Robert Nickelsberg/Getty Images

The president's campaign is placing more importance on Pennsylvania amid growing concern that his chances of clinching Wisconsin are slipping, Trump campaign sources tell Axios.

Driving the news: Pennsylvania, which has 20 electoral votes, twice Wisconsin's number, actually has been trending higher in recent public and internal polling, a welcome development for the campaign.

Inside Biden's Supreme Court strategy

Joe Biden enters the hall at the National Constitution Center. Photo: Roberto Schmidt/AFP via Getty Images

Joe Biden’s closing argument will shift to a dominant emphasis on health care, turning the looming Supreme Court fight into a referendum on coverage and pre-existing conditions, officials tell Axios.

Why it matters: Biden aides believed they were winning when the race was about the coronavirus pandemic. Now they plan to use the Supreme Court opening as a raucous new field for a health care fight, returning to a theme that gave Democrats big midterm wins in 2018.