Kuwaiti Oil Tanker Hit In Dubai Port; 3 UN Troops Killed. Panic Prevails As Oil Prices Surge.

Dubai; March 2026: The Kuwait Petroleum Corporation says an Iranian attack on the giant Al-Salmi oil tanker at the Dubai Port has caused a fire, warning that it could lead to an oil spill. The Dubai Media Office says emergency response teams “successfully extinguished the fire” on the Kuwaiti oil tanker Al Salmi. “All 24 Crew Members are safe. Relevant teams continue to assess the situation and take the necessary measures, and updates will be shared as they become available”, it has reiterated.

The United Kingdom Maritime Trade Operations centre, run by the UK military, said the attack on Al-Salmi happened 31 nautical miles (57 kilometres) northwest of Dubai just after 01.00 hours (local time  -20:20 GMT).

The Kuwait Petroleum Corporation (KPC), the vessel’s registered owner and commercial operator, says the attack caused a fire on board the ship and “material damage to the ship’s hull”. KPC said the giant tanker was fully loaded at the time of the incident and that it was possible oil could spill into the surrounding waters. The Al-Salmi can carry a deadweight of 319,660 tons, according to Maritime Optima, making the ship a Very Large Crude Carrier (VLCC), the second-largest category.

It was quite an intense day across the GCC countries. In Saudi Arabia, officials were also saying that more than 10 drones and nine ballistic missiles were fired at Saudi Arabia, most of them targeting the Eastern Province, where 90% of the energy facilities of the country are located, and in the Al Kharj governorate, where the US military base Prince Sultan is located, and four ballistic missiles targeting the Riyadh area.

Aftermath the attack on Kuwaiti tanker at Dubai, US crude oil futures increased by 3.4%. West Texas intermediate crude, the US benchmark, has risen 3.4% to more than $106 a barrel after Kuwait have confirmed the news of the attack. US crude oil had settled at more than $100 ($103) a barrel for the first time since 2022 yesterday (30th April 2026).

Brent Crude, the international benchmark, climbed 2.23% to $109.78 early on Tuesday.

Asian stocks fall, oil up as war on Iran continues; South Korea’s benchmark Kospi index was down 3.82% at about 01:00 GMT, falling more than 200 points to 5,075.92.

Meanwhile, Japan’s Nikkei index dropped 2.24%, before recovering slightly, but was still down 0.73% or 377 points to 51,507.99.

China’s FTSE China A50 is also slightly down between 05 and 10 points, or less than 0.07%, to 14,570.

South Korean President Lee Jae Myung has ordered his cabinet to take “bold measures” to address concerns over the energy situation caused by the US-Israel war on Iran, according to the official sources had briefed the media outlets. “South Korea, which is highly dependent on external markets and relies heavily on energy supplies from the Middle East, requires more thorough inspections and detailed emergency measures”, Lee told senior officials during a cabinet meeting.

South Korea sources 70% of its oil from the Middle East. Lee said the crisis gripping the world could be an opportunity for South Korea to transition to a more sustainable energy policy, including a swifter push to increase the use of renewables. He also said the constitution allows the government to issue an emergency economic decree.

The South Korean government has put a cap on fuel prices and restricted the export of naphtha following the disruption of supplies from the Middle East. The government is readying an extra budget to cushion the blow on consumers and industries and plans additional fiscal spending in April once the budget proposal is approved by Parliament.

The Department of Trade and Industry (DTI) of Philippines have said the Philippines has enough supplies of basic commodities and warned against customers against panic buying. DTI Secretary Christina Roque told reporters that based on her assessment, “there is no price increase of basic necessities and prime commodities until April 16”. She said some price increases are expected to kick in after that period, but not for all commodities. The cost of fuel in the Philippines has sharply increased since the US and Israel launched its war against Iran on February 28, raising concerns of inflation and a slowdown in the economy.

Team Maverick.