An explosion was heard in Qeshm Island a few minutes ago, and the sound came from the sea, according to reports

Past episodes in these waters have sorted into two buckets that trade very differently: military exercises or accidents, which fade within the session, and attacks on shipping or infrastructure, which sustain a risk premium through freight and insurance rates even when physical flows are untouched. The distinction that matters is whether any vessel or terminal is confirmed hit, since the channel to prices runs through war-risk premia and tanker availability rather than through immediate supply loss. Qeshm hosts Iranian military facilities and sits astride the main shipping lane, so provenance of the report and any official acknowledgment from Tehran are the first tells. Follow-ons to track are tanker tracking through the strait, insurance quotes on Gulf loadings, and whether the seaborne premium shows up in the front of the crude curve rather than flat price alone. Unverified single-source flashes of this kind have more often than not dissipated; the market has learned to wait for the confirmation, but it does not wait for free.