📊 Hormuz Closure, Reflecting Pool, and Rare Earths

Peace setback, monumental damage, and mining talks.

Jun 21, 2026

Greetings! Happy World Refugee Day to those celebrating.

Let’s get into today’s top stories.

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🌎 GLOBAL NEWS

🇮🇷 Hormuz shuts again. Iran said Saturday that it had closed the Strait of Hormuz again. The move came hours before United States and Iranian negotiators headed to Switzerland. Tehran said it acted because of Israeli attacks in Lebanon. Iranian officials also warned that little progress was likely unless the fighting stops. President Trump responded with a new toll threat. He said the United States could impose fees in the waterway if a final deal is not reached in 60 days. The interim agreement currently calls for toll-free travel during that period. Vice President JD Vance left for Switzerland on Saturday evening. Iranian state television showed Tehran’s negotiators arriving there. The delegation is led by parliamentary speaker Mohammad Bagher Qalibaf. It also includes Foreign Minister Abbas Araghchi and central bank and oil officials. Pakistan and Qatar are helping mediate. Pakistan’s Prime Minister Shehbaz Sharif and army chief Field Marshal Asim Munir also traveled to Switzerland. The deal calls for billions of dollars in Iranian assets to be unfrozen. Talks were supposed to begin Friday. Iran canceled after fighting escalated in Lebanon. Diplomacy arrived in Switzerland with the world’s oil valve already clenched shut.

🇩🇴 Dominican resort burns. A massive fire almost completely destroyed a luxury resort in the Dominican Republic on Friday. Authorities said nearly 1,700 tourists were evacuated. Local media reported that an Italian tourist died. Several other tourists required medical care. The fire broke out at Viva Dominicus Beach by Wyndham. The resort is in Bayahibe, on the country’s southeastern coast. Bayahibe is a major destination for American and international tourists. Emergency authorities said about 1,690 guests were moved out. They were taken to other hotels and nearby housing facilities. The cause remains under investigation. The country’s Emergency Operations Center said the fire appeared to spread rapidly. Officials cited wind as one factor. They also cited part of the resort’s thatched roof. Wyndham Hotels & Resorts ($WH) has another nearby property, Dominicus Palace. Authorities said that resort was not damaged. It was operating normally after the fire. Caribbean leisure became evacuation logistics before the smoke cleared.

🇺🇸 LOCAL NEWS

🏛️ Reflecting Pool blame spreads. President Trump blamed vandalism for problems at the Lincoln Memorial Reflecting Pool. He offered no details to substantiate the claim. The pool had undergone a $14M-plus rehabilitation project. Trump promoted the work as part of the nation’s 250th anniversary preparations. He said previous administrations had let the pool turn algae-stained green. He wanted it lined in “American flag blue.” After the pool reopened, its blue tint quickly turned familiar green. Workers treated the water with chemicals to kill algae. Then the painted blue lining began peeling from the bottom. Trump said federal authorities made multiple arrests. Agencies responsible for the National Mall did not respond to requests for comment. David Hearn, a 67-year-old former Olympic canoe racer, said he was one of those detained. Hearn said he touched a peeling section during a 64-mile bike ride. He said National Guard troops and United States Park Police held him for five hours. Trump called the alleged vandalism a serious crime. Loose paint and green water turned a monument repair into a national Rorschach test.

🏜️ Grand Canyon heat turns deadly. Grand Canyon visitors are being warned about dangerous heat. The warning follows three recent suspected heat-related hiking deaths. The National Weather Service issued an extreme heat watch for midday Monday through Tuesday. Temperatures could reach or exceed 110 degrees Fahrenheit at Phantom Ranch. Phantom Ranch sits in the low-elevation inner canyon. The National Park Service said visitors should avoid hiking in the middle of the day. Two hikers, ages 67 and 68, were found dead June 16th on the North Kaibab Trail. The park describes that route as the hardest major inner canyon trail. Officials said both appeared to have heat-related illness symptoms. A third person, 72, died June 12th along the South Kaibab Trail. Park and weather officials said Grand Canyon conditions can deceive visitors. Rim temperatures are often 20 to 25 degrees cooler than canyon-bottom temperatures. Meteorologist Justin Johndrow said the region is nearing its hottest stretch of the year. Hikers descend first, then must climb thousands of feet back up. Heat illness can arrive quietly before the trail allows exit.

🗂️ MISC

⛏️ Rare earth pitch reaches pope. Ilan Goldfajn made a rare earth mining pitch to Pope Leo XIV this week. Goldfajn leads the Inter-American Development Bank (IADB). He argued that Latin America can avoid past mining mistakes. He said rare earth extraction could help supply the global technology boom. He met privately with Leo on Friday. The Vatican has called for divestment from mining. It has long criticized multinational mining companies. That is especially true in Latin America. The Vatican has emphasized damage to Indigenous lands and livelihoods. Goldfajn said safeguards, labor standards, environmental rules, and local value creation can change the equation. The IADB has a roughly $4B pipeline of critical mineral projects. Most are in Chile, Argentina, and Brazil. About three-quarters involve private companies. Critical minerals include copper, cobalt, lithium, and nickel. The 17 rare earth elements are a subset. They are used in smartphones, semiconductors, electric vehicles, and jet engines. The church heard a banker’s case for digging cleaner while history kept its shovel nearby.

🏦 Warsh quiets the Fed. Federal Reserve Chair Kevin Warsh is making the central bank quieter. In his first news conference, he began reversing decades of greater transparency. The Federal Reserve (Fed) had steadily moved toward explaining its decisions in detail. Warsh believes markets have become too dependent on that guidance. The Fed’s latest policy statement was cut to 132 words. The April statement had 341 words. Warsh also removed hints about the Fed’s next moves. Those hints are known as forward guidance. Analysts warn the shift may increase volatility. George Pearkes of Bespoke Investment Group said forward guidance suppresses volatility and anchors expectations. He said that can lower borrowing rates compared with alternatives. The 10-year Treasury yield jumped to 4.49% from 4.43% after Wednesday’s statement. The 2-year Treasury yield was 4.16% Thursday. That was up sharply from 4.05% before the Fed meeting. The Standard & Poor’s 500 Index (S&P 500) dropped 1.2% Wednesday. Warsh also announced five task forces to review the Fed’s operations. Markets like mystery in novels more than rate policy.