• Explosions were heard in Iran, according to CNN, which cited Iranian state media outlet FARS.

• There's still a lack of clarity around the reported explosions, but there are multiple reports of an Israeli strike.

• This is a breaking news story. Check back for updates.

Explosions were heard near an Iranian military base, and multiple reports citing US officials say that Israel struck Iran.

CNN, citing the semi-official FARS news outlet, reported the explosions were heard in the city of Ghahjaworstan, which is located near Isfahan, Iran. The Iranian news outlet said that "the city of Ghahjaworstan is located near Isfahan Airport and the eighth hunting base of the Army Air Force."

Though there is still a lack of clarity surrounding the reported explosions, multiple reports from ABC, CBS, CNN, and NPR citing US officials say Israel struck Iran. Tasnim, a news outlet affiliated with Iran's Islamic Revolutionary Guard Corps, said there are no indications of a foreign attack.

The American official who spoke to CNN said the target struck was non-nuclear.

Iranian air defense has been activated, per Iranian state media, and CNN, citing an announcement by an airline company spokesperson on Iranian TV, reported that all flights to Tehran, Isfahan and Shiraz have been suspended.

The Israel Defense Forces, the US Department of Defense, and US Central Command did not respond to request for comment on the matter from Business Insider.

The reported explosions and strike comes several days after Iran's unprecedented and large-scale attack on Israel last weekend, during which Tehran and its proxies fired more than 300 missiles and drones at Israel. Nearly all of the munitions were shot down by Israel and its partner forces in the region, including the US.

Israeli officials earlier this week vowed to retaliate for the attack, despite many of its Western partners urging restraint, warning that any action could trigger a larger military confrontation and plunge the Middle East even further into violence.

Iranian officials in Tehran have said that it will respond to any Israeli action against Iran and that the country's response to any aggression will be at an "immediate and maximum level."

Oil, Japan's yen up on reports Israeli missiles hit Iran

Oil and gold prices rose and Japan's yen rallied on Friday on reports Israeli missiles have hit a site in Iran.

Iran's Fars news agency said explosions were heard at an airport in the Iranian city of Isfahan but the cause was not immediately known. Several flights were diverted over Iranian airspace, CNN reported.

Israel had said it was going to retaliate against Iran after the latter's April 13 missile and drone attack.

Market reaction: [US/][MKTS/GLOB][O/R]

QUOTES:

MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE

"It's pretty obvious market is nervous ... I think right now we don't really have the details. It really depends on how calibrated the attacks are. So I think markets are at this stage in a flight to safety mode ... right now, we're still in a situation where we know something has happened. But we need to understand the degree of the degree of retaliation."

DAMIEN BOEY, CHIEF MACRO STRATEGIST, BARRENJOEY, SYDNEY

"I think what's happening in the Middle East is making that upward inflection point with global inflation all the more real.

"Today equities are down and bonds are up ... Look, that makes sense from a risk perspective, but I still think that bonds and equities are more or less still correlated. To me, until we resolve this uncertainty about global inflation, actually bonds and equities will move together. So there's not a lot of diversification. What I'd much rather be doing is looking at a third alternative asset class, which of course would be commodities. Commodities have been a very unloved source of diversification. Now what you're starting to see is that no matter whether interest rates in the U.S. go up or down, gold prices are just going up and that's telling you that there's a rush to the exits to get out of the things which are moving too closely together, like bonds and stocks and maybe credit.

"Gold prices have risen despite the stronger U.S. dollar. So what happens when the U.S. dollar eventually goes down? What you'll find is that the U.S. dollar will probably be too expensive and need to come down, in which case gold could get another leg up."

KHOON GOH, HEAD OF ASIA RESEARCH, ANZ, SINGAPORE

"Markets have definitely reacted very, very swiftly to the news reports. We've seen a massive risk-off move with gold rallying, oil prices rallying, and traditional risk assets getting sold out hard. I guess markets at this stage will want to get greater clarity and confirmation over the extent of the attack, and I think more importantly, any response from Iran ...

"Markets will be very worried that this is the start of a tit-for-tat escalation which could create huge volatility in the Middle East."

CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE

"It's a big dampener on risk assets, including equities and most currencies.

"While policymakers in the region and the U.S. have collectively taken a more proactive stance to calm FX markets, the re-emergence of geopolitical shocks may unnerve sentiments. Safe-haven proxies including gold, dollar, Swiss franc, and yen may see further demand in the interim."

CHARU CHANANA, HEAD OF CURRENCY STRATEGY, SAXO, SINGAPORE

"A triple whammy of sorts for the markets, as Fed’s hawkishness keeps taking a leg up with each passing day and semiconductor earnings have so far fallen short to counter that risk off.

"To top it off, geopolitical risks have escalated again with Israel’s strikes on Iran, and risk sentiment could remain weak as we await more details on damages and casualties, and fears of an Iran response are also likely to underpin."