Iranian Attack: Kuwaiti Tanker Hit in Dubai Amidst War Fears

A fully loaded crude oil tanker was attacked and set ablaze at Dubai port in an Iranian strike, damaging the vessel’s hull, the latest in a series of attacks on merchant ships in the Gulf and Strait of Hormuz amid ongoing conflict. Dubai authorities confirmed no oil leak occurred and all 24 crew members were safe.

Iranian Attack on Oil Tanker

The attack on the Al Salmi tanker caused a fire that was extinguished early Tuesday, according to Dubai authorities. Kuwait Petroleum Corporation (KPC) confirmed the vessel was struck by Iran while anchored in the United Arab Emirates.

Crude oil prices briefly spiked following reports of the attack, as the Al Salmi can carry around 2 million barrels of oil worth over $200 million at current prices. Prices retreated slightly after the Wall Street Journal reported that Donald Trump had indicated a willingness to end the war even if the Strait of Hormuz remains closed, and that military options were not his immediate priority.

Brent crude prices are on course for a 59% surge in March, the largest monthly gain on record, due to the conflict in the Middle East. The increase in oil and fuel prices is impacting US household finances and posing a political challenge for Trump and the Republican party, who had pledged to lower energy prices.

The Al Salmi was carrying 2 million barrels of oil from Kuwait and Saudi Arabia, destined for Qingdao, China.

Attacks from both sides of the conflict are continuing, raising concerns about a wider escalation. Thousands of soldiers from the US Army’s 82nd Airborne Division are arriving in the Middle East, expanding potential deployment options, including inside Iranian territory, even as talks with Tehran continue.

White House press secretary Karoline Leavitt stated that Trump aims to reach a deal with Tehran by April 6, following an extension of a previous deadline for Iran to open the Strait of Hormuz, a vital waterway for global oil and liquefied natural gas supplies.