The crew of the Malaysian-flagged MT Bung Laurel sent out a distress signal about being attacked Friday about 300 miles off the coast of Oman, the BBC reported.
A Malaysian ship and an attack helicopter responded to the call and troops boarded the hijacked ship, the report said.
Three of the suspected seven hijackers were wounded in a gunfight, but none of the military or the ship's 23 crewmembers was injured, government reports said.
Malaysian Prime Minister Najib Razak said he was mulling the prospects for the pirate suspects, all of them from Somalia.
"We will determine what we should do, whether we are going to bring them here to be tried or take any other appropriate action," Razak said.