diff --git a/libp2p/network/swarm.py b/libp2p/network/swarm.py
index 711dc88..83df555 100644
--- a/libp2p/network/swarm.py
+++ b/libp2p/network/swarm.py
@@ -13,7 +13,11 @@ from libp2p.protocol_muxer.multiselect_client import MultiselectClient
 from libp2p.protocol_muxer.multiselect_communicator import MultiselectCommunicator
 from libp2p.routing.interfaces import IPeerRouting
 from libp2p.stream_muxer.abc import IMuxedConn, IMuxedStream
-from libp2p.transport.exceptions import MuxerUpgradeFailure, SecurityUpgradeFailure
+from libp2p.transport.exceptions import (
+    MuxerUpgradeFailure,
+    OpenConnectionError,
+    SecurityUpgradeFailure,
+)
 from libp2p.transport.listener_interface import IListener
 from libp2p.transport.transport_interface import ITransport
 from libp2p.transport.upgrader import TransportUpgrader
@@ -118,7 +122,13 @@ class Swarm(INetwork):
             multiaddr = self.router.find_peer(peer_id)
         # Dial peer (connection to peer does not yet exist)
         # Transport dials peer (gets back a raw conn)
-        raw_conn = await self.transport.dial(multiaddr)
+        try:
+            raw_conn = await self.transport.dial(multiaddr)
+        except OpenConnectionError as error:
+            logger.debug("fail to dial peer %s over base transport", peer_id)
+            raise SwarmException(
+                "fail to open connection to peer %s", peer_id
+            ) from error
 
         logger.debug("dialed peer %s over base transport", peer_id)