The tanker, named Al-Salmi and flying the Kuwaiti flag, was carrying around 2 million barrels of crude oil, worth more than $200 million at current prices. Kuwait Petroleum Corporation, the owner of the vessel, said the fire caused some damage to the ship’s hull but, fortunately, no one was injured. Authorities in Dubai later confirmed that they had managed to bring the fire under control.

This attack is part of a growing number of incidents targeting commercial ships in the Gulf and the Strait of Hormuz since the United States and Israel struck Iran on February 28. Over the past month, the conflict has already led to thousands of casualties, interrupted the flow of energy supplies, and raised fears about a possible global economic slowdown.

Also Read: Iran targets US and Israeli military assets across Middle East

Following the tanker attack, oil prices jumped briefly, pushing U.S. fuel costs higher. According to GasBuddy, the national average price for gasoline in the United States rose above $4 per gallon on Monday, marking the first time in over three years. Meanwhile, U.S. crude oil prices climbed past $101 per barrel, reflecting the impact of ongoing tensions on the global oil market.

The conflict shows no signs of stopping, causing growing concerns about a wider war in the region. Experts warn that continued hostilities could further disrupt energy supplies, destabilize markets, and increase economic uncertainty worldwide.