Explosions heard near Iran’s Qeshm Island, Iranian media report

The significance lies in the location rather than the confirmed facts: Qeshm sits on the Strait of Hormuz, so any reported incident there carries weight for energy shipping and risk sentiment regardless of cause. With no details on what detonated, how many blasts occurred, or whether there was damage or casualties, the market's reaction will be driven by ambiguity, not confirmed disruption. What matters next is whether Iranian authorities attribute the explosions to an external actor or to an accident, and whether any disruption to Hormuz transit is reported.