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Russia roils global market for diesel

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This "will rattle many": IBM stock tanks as AI budgets shift

Trump backtracks on Hormuz 20% toll demand

Inflation has biggest drop since 2020

A line chart that shows monthly year-over-year CPI change from May 2021 to June 2026. Inflation rose from 4.9% in May 2021 to a peak of 9% in June 2022, then eased to 2.3% in April 2025. It later climbed to 4.2% in May 2026 before slipping to 3.5%.

Year-over-year change in Consumer Price Index


Data: Bureau of Labor Statistics; Chart: Emily Peck/Axios

The push to bypass Hormuz

Map showing planned and under-construction oil pipelines across the Middle East. The projects would allow some Gulf oil exports to bypass the Strait of Hormuz by reaching ports on the Mediterranean, Red Sea or Gulf of Oman.

Upcoming oil pipeline projects that bypass the Strait of Hormuz

Data: Global Energy Monitor, Axios research; Map: Danielle Alberti/Axios

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Oil jumps as Trump claims new Hormuz blockade on Iran

A line chart that tracks Brent crude oil prices per barrel from June 15 to July 13, 2026. Prices opened at $83.29 on June 15, fell to $73.24 on June 29, and recovered to $82.79 by 2:54 p.m. ET July 13. The range spans $70.30 to $83.76.

Brent crude oil prices

Data: Financial Modeling Prep; Chart: Ben Geman/Axios

Why fuel prices stay high as oil prices steady

A line chart that tracks U.S. diesel crack spreads, in dollars per barrel, from July 9, 2024, to July 9, 2026. The spread was $21.69 on July 9, 2024, $22.39 on Jan. 7, 2025, $32.33 on July 8, 2025, and peaked at $72.9 on July 9, 2026.

U.S. diesel crack spreads, in dollars per barrel 

Data: FactSet; Chart: Matt Phillips/Axios

The Iran war's limited boost for energy transition

With Iran ceasefire "over," Trump shifts to battle for Hormuz

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