Sounds heard in Yazd, eastern Iran were caused by military air defense exercise, reports Sepah Media

Reports of explosions or sounds in Iranian cities have historically triggered an immediate risk premium in crude before any verification, with the standard sequence being an initial knee-jerk bid in WTI and Brent on strike fears followed by a retrace once the cause is clarified as routine. Attribution to a military air defense exercise fits the more benign branch of that pattern: episodes that resolve to drills or accidents rather than strikes on energy or nuclear infrastructure have tended to see the initial premium fade within the session. The distinguishing tell in past episodes has been what follows the denial or explanation, whether other state outlets corroborate, whether there are reports of damage or casualties, and whether any retaliation rhetoric emerges from either side. Location matters here too: an interior city away from Gulf export infrastructure carries less weight for freight and insurance pricing than anything touching Kharg, the Strait of Hormuz, or upstream facilities. The next items on the tape are official confirmation beyond the initial report and any parallel commentary from regional actors, since it is the second source rather than the first that has historically settled these moves.