Iran Reports Blasts Near Strait of Hormuz

Blasts were heard overnight across four Iranian coastal areas near the Strait of Hormuz, hours after President Trump said U.S. forces carried out new strikes on an Iranian air defense system he called minor. Iran's state news agency IRNA reported two explosions on Qeshm Island, while the semi-official Tasnim agency said two missiles struck the island instead. Oil benchmarks like $USO are in focus, since the strait carries much of the crude that reaches global markets, and the gap between "minor" and "missiles" is exactly what traders are now pricing.