Hormuz Under Pressure

Iran Says Strait Is Closed; U.S. Navy Says It Isn't

At 11:13 AM EDT Friday, Iran's joint military command announced the Strait of Hormuz was shut to vessel traffic, citing Israeli "crimes" and U.S. "bad faith." The strait carries 20% of the world's oil and 30% of its liquefied natural gas. A closure would be the worst energy supply disruption in history, according to Forbes.

U.S. Central Command pushed back hard. CENTCOM said 55 merchant ships passed through the strait safely during the day, with 17 million barrels of oil moving through. Vice President JD Vance told Fox News, "We're not seeing any evidence... the straits are now open." Shipping giant Maersk echoed that account, framing Iran's claims as "information warfare," according to The Times of Israel.

Swiss Talks Restart Even as Lebanon Burns

Iranian and U.S. negotiators arrived in Switzerland Friday evening to resume technical talks. Vance is leading the American side. Iran's Parliament Speaker Mohammad Bagher Qalibaf heads the Iranian delegation. Iranian media say his team's mission is "demanding the other side fulfill its obligations," according to The Business Standard.

The talks were almost postponed again. Israeli Prime Minister Benjamin Netanyahu vowed to keep forces in Lebanon "until threats are eliminated." Israel is not a signatory to the U.S.-Iran agreement. Iran has said progress is impossible while the fighting continues. Nearly 3,900 people have been killed in Lebanon since March, according to The Guardian.

Dominican Resort Fire Kills One, Displaces 1,690 Tourists

A massive fire tore through the Viva Wyndham Dominicus Beach resort in the Dominican Republic on Thursday evening. Nearly 1,690 tourists were evacuated. One person died: Francesca Valentino, a 46-year-old Italian national. Investigators say the resort's roof was made of flammable thatch material, which helped the fire spread quickly, according to AP.

New Fed Chair Cuts Chatter, May Raise Your Borrowing Costs

New Federal Reserve Chair Kevin Warsh held his first policy meeting on June 17. He kept interest rates at 3.50%–3.75% but made a striking change: he slashed the Fed's post-meeting statement from 341 words to just 132. Warsh is moving away from "forward guidance" — the practice of giving markets hints about future rate moves, according to AP.

Analysts warn this quieter approach could hurt everyday borrowers. George Pearkes of Bespoke Investment Group said cutting guidance could raise mortgage rates by a quarter-point due to higher market uncertainty. Nine Fed officials now project a rate hike before the end of 2026. Meanwhile, 65% of U.S. adults disapprove of Trump's handling of Iran, according to AP-NORC.