The White House is considering lifting sanctions on Iranian oil that's at sea to keep oil prices down, Treasury Secretary Scott Bessent said Thursday.Why it matters: The administration is pulling out all the stops — even easing up an economic threat to its enemy in war — to keep down oil prices.The latest: The price of Brent crude, the global benchmark, spiked 10% in just the past 24 hours, driving increasing worries among investors.Brent is now around $111 per barrel — nearl...
Defense Secretary Pete Hegseth confirmed the Pentagon would ask Congress for more money to wage war in Iran, though he said the reported $200 billion figure "could move."Why it matters: A request on that scale would likely face stiff opposition from many Democrats and some Republicans, given the unpopularity of the war and the fact that it would be in addition to the Pentagon's existing $1 trillion budget.Driving the news: The Washington Post reported on Wednesday night that ...
Steak-hungry Americans are skipping the meat aisle — and heading to restaurants instead.
Most Americans will likely soon be paying over $4 per gallon as the war in Iran drives one of the sharpest gas price surges in recent history.The big picture: For many Americans, the most visible barometer of how the Iran war is going may be the price at the gas station down the street.Breaking it down: The White House insists prices will fall rapidly once Trump's military objectives in Iran are achieved."President Trump has been clear that these are short-term disruptions.
Progressives plan to exert more pressure in Democratic congressional primaries to get the left to coalesce behind one viable candidate rather than split the vote and create an opening for moderates, Axios has learned.Why it matters: This new strategy reflects how progressives are adapting after a bruising Illinois primary night in which they won just one of the four open House races they were targeting.It was a disappointing result for the left after their shock win in a New ...
Sen. Rand Paul (R-Ky.) opened Sen. Markwayne Mullin's confirmation hearing with a remarkable challenge, daring the Homeland Security secretary nominee to "tell me to my face" why Paul deserved an assault that left him with broken ribs.Why it matters: Mullin's hearing got off to a rocky start — and Paul said afterwards that he would vote against reporting Mullin's nomination out of the Homeland Security and Governmental Affairs Committee, which he chairs.
The Trump administration is considering plans to occupy or blockade Iran's Kharg Island to pressure Iran to reopen the Strait of Hormuz, four sources with knowledge of the issue tell Axios.Why it matters: President Trump can't end the war, at least on his terms, until he breaks Iran's chokehold on shipping through the strait.
The Israeli Air Force struck a natural gas processing facility in southwestern Iran, two senior Israeli officials said. Why it matters: This is the first time Israel has struck natural gas facilities in Iran, which are key to Iran's economy. The Israeli officials said the strike was coordinated with and approved by the Trump administration. A U.S.
The Federal Reserve on Wednesday kept interest rates steady, and chair Jerome Powell said that he will remain in place until his successor is confirmed, raising the prospect that he could continue leading the central bank after his term is up May 15.Why it matters: Powell's remarks set up a high-stakes standoff with the Trump administration over who will lead the world's most important central bank in less than two months.Driving the news: In a news conference following the a...
Plenty of heat and personal vitriol came out in Sen. Markwayne Mullin's (R-Okla.) hearing to lead the Department of Homeland Security.But little light came through on how to end the DHS shutdown.Why it matters: After weeks of negotiations — and the firing of a Cabinet official — Democrats remain dug in on demands for statutory changes to ICE and Border Patrol.Mullin's testimony didn't alter that dynamic.
The Trump administration doesn't plan to thwart U.S. oil exports as officials scramble for ways to temper energy price spikes.Why it matters: Rumors of restrictions have swirled in recent days, and would represent a sea change after years of expanding shipments that have made the U.S. a huge player in global markets.Driving the news: "Oil and gas export restrictions are not under consideration," an administration official said Thursday via email.
Director of National Intelligence Tulsi Gabbard said that only the president can determine if a nation poses an "imminent threat" during a Wednesday Senate hearing on worldwide threats.Why it matters: The spotlight on Gabbard, who has been largely quiet about the U.S.-Israeli strikes on Iran, has intensified after top aide Joe Kent, who directed the National Counterterrorism Center, announced his resignation in a scathing letter about the war.The White House said that Iran po...
The White House is expected to send Congress its ideas for regulating AI on Friday, sources familiar with the matter told Axios, but policy disagreements on the Hill are far from resolved.Why it matters: Republicans are looking to the White House for direction on AI, but its plan is likely to run into the same sticking points that have stalled action for years.Those include how to protect children online and whether to preempt state laws that conflict with the federal standar...
President Trump said Wednesday that Israel will not conduct further attacks on Iran's main natural gas facility.Why it matters: Trump's comments that seem to be an effort to de-escalate the situation came hours after he green-lit the Israeli strike on the facility that marked a significant escalation in the war.
Sen. Mark Warner (D-Va.) has questions about a $10 billion fee that TikTok's buyers reportedly are paying the U.S.