A devastating New Year's fire at a Swiss Alps ski resort bar has killed approximately 40 people and injured 115 others, overwhelming Swiss burn centers and forcing victims to be transported to other countries for care (multiple outlets). Iran temporarily closed portions of the Strait of Hormuz for military exercises and a missile test by the Revolutionary Guard (Reuters). Hyatt executive chairman Thomas Pritzker has resigned over past ties to Jeffrey Epstein (AP).

In tech developments, OpenAI announced it will introduce advertising to ChatGPT, while Snap reached a landmark settlement in a social media addiction lawsuit (The Verge). Treasury sanctions official John Hurley is set to resign following reported friction with Secretary Scott Bessent (Washington Post).