Iran strike sets loaded oil tanker ablaze in Dubai

The attack, which came despite stepped-up security, comes with oil prices already settling above $100 per barrel, nearly double the price in January

By The Foreign Desk Staff

Published: March 31, 2026 2:46am

Iranian drone strikes set a fully loaded oil tanker in Dubai’s harbor ablaze.

The Kuwaiti tanker was damaged, but the fires did not reach the oil. There were no reports of significant oil leakage or injuries.

The attack came despite increased defense measures in the Gulf states.

The month-old Israeli- and U.S.-led conflict with Iran has destabilized oil markets, with prices settling above $100 per barrel in recent market sessions, a price point that before the conflict had not been seen since the Russian invasion of Ukraine in 2022. Oil prices have nearly doubled since January.