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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

Biden's Day 1 challenges: The immigration reset

Illustration: Aïda Amer/Axios

President-elect Biden has an aggressive Day One immigration agenda that relies heavily on executive actions to undo President Trump's crackdown.

Why it matters: It's not that easy. Trump issued more than 400 executive actions on immigration. Advocates are fired up. The Supreme Court could threaten the Deferred Action for Childhood Arrivals (DACA) program, and experts warn there could be another surge at the border.

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 14 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

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