In the last 24 hours Iran has launched at least 3 drones at ships in Hormuz, i24 reports, citing a source

Attacks on shipping in the Strait of Hormuz have a long precedent of repricing crude through the risk premium rather than through immediate physical loss, since the strait carries a large share of seaborne oil and the market prices the tail risk of disruption well before any actual closure. The established sequence in past episodes of this kind is a bid in front-month crude and tanker rates first, with war-risk insurance premiums and freight costs following, while the spillover to refined products depends on whether loading schedules at Gulf terminals are actually interrupted. The key distinctions are attribution and escalation: unattributed drone harassment has historically faded from pricing within sessions, whereas confirmed state involvement or a strike causing casualties or a vessel loss has tended to draw in a diplomatic and military response cycle that sustains the premium. A sourcing caveat applies, as single-outlet reports citing an unnamed source have on previous occasions been walked back or reframed. Worth watching is any confirmation from maritime security agencies or vessel-tracking data, the posture of US and regional naval assets, and whether Iran's official channels claim or deny involvement.