Phone charging port

There can be, but newer iPhone models have electronic liquid detectors that will stop accepting power through the port until they sense that there is no longer any moisture. It might be possible to charge wirelessly though, since that bypasses the Lightning port.

If you see a liquid-detection alert on your iPhone - Apple Support

There are other liquid detection indicators on an iPhone, but the one that's easiest to find it at the SIM card slot. This is really more of a warning that Apple doesn't cover liquid damage under warranty, but it also notes where the liquid contact indicators are if you're worried about it. If any of them (anywhere on an iPhone) turns red, Apple will consider a device non-serviceable. The only service offered will be an out of warranty service replacement or an AppleCare+ damage replacement.

Water and other liquid damage to iPhone or iPod isn't covered by warranty - Apple Support

There may be and yes, if you try to charge it before the port is completely dry.

Apple gives recommendations here:

Important handling information for iPhone - Apple Support