An explosion was reported in the Strait of Hormuz, which is said to be a commercial ship which passed through the southern route of the Strait, Fars reports citing Ambrey

The established sequence in comparable episodes is an initial risk premium built into Brent and shipping costs, with the freight and insurance channel reacting first: war-risk premia, rerouting decisions and tanker availability tend to move before any physical supply is actually interrupted. The case distinction that has mattered is between an isolated incident against a single vessel and a pattern of attacks: the former has typically faded within days, the latter has drawn in naval escorts, insurance withdrawal and a more durable premium. The sourcing here, a regional agency citing a maritime security firm, is consistent with how these events have first surfaced on prior occasions, and initial reports have on occasion been revised materially on cause and extent. The tells worth watching are confirmation of the vessel and flag, any claim of responsibility, whether transits through the strait slow or are suspended, and the response of the local naval presence. Until the character of the incident is established, the headline sits in the category where crude and tanker rates have tended to carry the risk premium and mean-revert if supply is untouched.