Natural language inference (NLI) aims to determine the logical relationship between two sentences among the target labels Entailment, Contradiction, and Neutral. In recent years, deep learning models have become a prevailing approach to NLI, but they lack interpretability and explainability. In this work, we address the explainability for NLI by weakly supervised logical reasoning, and propose an Explainable Phrasal Reasoning (EPR) approach. Our model first detects phrases as the semantic unit and aligns corresponding phrases. Then, the model predicts the NLI label for the aligned phrases, and induces the sentence label by fuzzy logic formulas. Our EPR is almost everywhere differentiable and thus the system can be trained end-to-end in a weakly supervised manner. We annotated a corpus and developed a set of metrics to evaluate phrasal reasoning. Results show that our EPR yields much more meaningful explanations in terms of F scores than previous studies. To the best of our knowledge, we are the first to develop a weakly supervised phrasal reasoning model for the NLI task.