Syrian Foreign Minister Asaad Al-Shaibani told Axios Wednesday that he made clear to Israel his government wasn't working with Turkey to amass a military presence at a Syrian airbase — but Israel went ahead and attacked the site anyway.
Why it matters: The early Tuesday morning strike on the Abu al-Duhur airbase has heightened tensions among three close U.S. partners in the region, just as the Trump administration is trying to prevent further escalation.
What they're saying: "[T]here was no intention to establish a Turkish base there, nor to establish a permanent Turkish military presence or deploy Turkish forces at the site," Al-Shaibani said in one of eight written responses to questions from Axios.
The U.S. military has quietly established a shipping corridor in and out of the Strait of Hormuz to transport millions of barrels of oil each day — a notable success even as the broader war remains at a stalemate, two U.S. officials told Axios.
Under the operation, which has been underway for the last several weeks, 15–20 tankers have entered and exited the strait each night through a southern channel along the coast of Oman.
About 10 million barrels of oil a day — roughly half the pre-war volume — are being transported out of the strait and injected into the global energy market, the officials said.
Many Federal Reserve officials believed that the central bank would have to raise interest rates if inflation did not ease, according to the minutes released on Wednesday from the Fed's July 28-29 policy meeting.
Why it matters: Some of the nation's top policymakers worried that interest rates weren't doing enough to restrain the economy and bring down inflation. They warned that waiting too long to raise rates could mean bigger, more painful increases down the line.
Stocks have been behaving oddly recently, with downright dull moves for the S&P 500 index, even as companies within it swing like mad.
Why it matters: This dynamic — individual stocks posting large, uncorrelated moves that cancel each other out — is another way the AI boom is reshaping the markets.
The U.S. Navy is in the throes of a roller-coaster news cycle.
The big picture: In just the past few days and weeks, we have heard:
Reports of deteriorating conditions on multiple warships, illuminating how difficult at-sea logistics is and how quickly a deadly conflict can fuel online culture wars.
A call from President Trump to overhaul shipbuilding as well as the physical design of some of America's largest and most expensive vessels.
The Iran war — defined by fits and starts and strain on America's military — will hit the half-year mark next week with both Washington and Tehran betting they can outlast one another.
Why it matters: President Trump has repeatedly promised the fight would be quick, decisive and over "very soon."
President Trump said Tuesday night he is pausing for three days 50% tariffs on billions of dollars worth of Canadian goods that were set to take effect early Wednesday.
Why it matters: It follows an intense push in recent days — including talks between Trump and Canadian Prime Minister Mark Carney on Tuesday — to avert another escalation in the North American trade war.
Air travel is being squeezed from multiple directions this summer as extreme weather, capacity constraints and geopolitical conflict strain the global aviation system.
Why it matters: Overlapping pressures across the aviation network are leaving travelers more vulnerable to delays, cancellations and higher fares, with no immediate end in sight.
Israel told the Trump administration its recent attack on a Syrian airbase was aimed at preventing a Turkish military buildup in the area, U.S. and Israeli officials said.
Why it matters: The unusual strike has exacerbated tensions in the region between three close U.S. partners, just as the Trump administration is trying to prevent further escalation.
The Trump administration has moved to end Temporary Protected Status for an estimated million-plus people —with expiration dates looming for thousands of others.
The big picture: Tens of thousandswho have lost their status or are bracing to lose it have lived in the country legally for upward of a decade, meaning communities could lose longtime members and employers could lose skilled workers.
UN inspectors this week visited several undeclared Assad-era Syrian nuclear sites for the first time — including some used to store nuclear material.
Why it matters: The inspections by International Atomic Energy Agency (IAEA) Director General Rafael Grossi and his team came after diplomatic efforts by the Trump administration, first reported by Axios, that produced understandings with both Syria and Israel.
The world has anew, expensive problem: The cost of borrowing money for decades keeps going up, making it getting harder to dismiss as a temporary market tantrum.
Why it matters: The relentless rise in borrowing costs in recent months makes a long-feared scenario harder to dismiss: that investors demand higher and higher returns in ways that make it prohibitively expensive to finance investments meant to power the next era of economic growth.
The consequences extend far beyond financial markets.
