A few minutes ago, an explosion was heard on Qeshm Island, Iran, from the sea, IRNA reports

Qeshm sits at the mouth of the Strait of Hormuz, the chokepoint through which a substantial share of seaborne crude and LNG transits, so any detonation in that vicinity is read first as a freight and insurance story before a supply story. Past episodes of explosions, seizures and strikes on or near Gulf shipping lanes have tended to follow a set sequence: an initial risk premium into crude and tanker rates, then a fade once it is established that flows, terminals and naval escorts are unaffected. The distinction that matters is between an isolated incident and one attributed to a state or proxy actor with a track record of escalation; the former has historically unwound within sessions, the latter has re-priced war-risk cover and spot freight durably. IRNA's framing, from the sea, puts the focus on whether a vessel, a naval exercise or ordnance is involved. The follow-ons are attribution, any confirmation from shipping or maritime security channels of damage or casualties, and whether official Iranian or regional statements characterise it as accidental or hostile. Until then the headline carries optionality on Hormuz risk rather than evidence of disruption.