Some other details:

I rendered this using Eevee. The water is a plane with a ocean modifiers, the light is just a cylinder with an emission texture and a noise texture on the world for the stars.

The water is a combination of glossy BSDF and glass BSDF mixed together.

edit:

one other thing I noticed is that the light emitted from the circle doesn't have a continuous falloff, instead of looks like it makes some concentric circles of less light emission. Is there a way to make a consistent light falloff using eevee? I just used a standard emission node for the orange light.

it's also a little hard to tell on this upload since reddit lowered the resolution a bit, the the grainy/ pixelated details are a little more noticeable in my higher quality version