A short time ago, there were unconfirmed reports of Iranian ballistic missile launches from Isafan province. The speculation at the time is that they were maritime targets.Iran's Press also published videos of Iran firing 'warning shots' at US Destroyers near the Strait of Hormuz earlier today.There are now explosions reported in the Dubai area or air defense. The UAE ministry of defense now reports:Four loitering munitions coming from Iran towards the country were detected, where three missiles were successfully intercepted over the country's territorial waters, and the last one fell into the sea.The Ministry of Defence confirmed that the sounds heard in scattered areas of the country are the result of the successful interception of the aerial threats.The Ministry urges the honourable public to obtain information from its official sources and verify the facts, in addition to adhering to all public safety measures upon receipt of warning messages.The UK reports on a cargo vessel 36 nautical miles north of Dubai that has a fire in the engine room and the cause is unknown.There also numberous loud explosions reported in Dubai, and at the ports of Jebel Ali and Fujairah.We are in a dangerous moment and the market doesn't seem to care, at least not for now. The loitering munitions they're talking about, if the above translation is correct are likely combos of drones and missiles that were circling over the Strait of Hormuz.Update: Now there is a report that a fire has erupted at a petroleum industrial site following a drone attack and now risk trades are rolling over and oil is bid. The S&P 500 is quickly down 31 points to 7199.Update 2: There is now talk of another round of drones and missiles. Brent crude is up more than $5 and WTI is up more than $3.Update 3: The attack caused a fire in Fujairah, the end point of the pipeline the UAE uses to bypass the Strait of Hormuz. This article was written by Adam Button at investinglive.com.