Iran's Hormozgan grid is under blackout following US strikes

A grid outage there is read less as an economic datapoint than as a signal of targeting scope: whether strikes remain confined to military and nuclear sites or extend to civilian infrastructure has historically been the line that separates contained exchanges from broader campaigns. The established sequence in comparable escalations is an initial crude risk premium driven by Hormuz transit fears, with freight rates and war-risk insurance repricing before any physical disruption is confirmed, and a fade if tanker traffic continues unimpeded. The relevant distinction is between symbolic damage and anything touching export or refining capacity at Kharg Island or the Gulf terminals, since only the latter has tended to produce sustained supply repricing rather than a headline-driven spike. Worth noting is the blackout itself as a tell of strike intensity and of possible Iranian retaliation targets, where prior form has run through proxies, shipping harassment, and calibrated missile responses rather than closure of the strait. Follow-ons are confirmation of what was hit, Iranian official framing, and tanker tracking through the strait over the coming sessions.