On Monday afternoon, the Madagascar-flagged oil tanker MT Marivex caught fire near Oman. Fortunately, all 24 Indian seafarers aboard the vessel are reported safe. Opesh Kumar Sharma, a director in the shipping ministry, stated that the cause of the fire is still under investigation. The tanker was positioned well outside the Strait of Hormuz when the fire ignited. This incident comes amid renewed hostilities between Iran and Israel, which have escalated following a ceasefire in April. On the same day, both nations exchanged attacks, prompting U.S. President Donald Trump to call for de-escalation. By the evening, Iran ceased its strikes but warned of a potential resumption if Israel targeted southern Lebanon again. The geopolitical tensions have influenced global oil markets, with the benchmark Brent crude trading around $95 per barrel, reflecting a 2% increase from the previous close, although it had surged by 5% earlier in the day due to the renewed conflict.