You had pressure build up in the tank because the vent is plugged and as you used the tractor the returned fuel heated the air inside.
Early caps had the vents on the under side along the outer seam. There are a couple of places where the seam in not completely crimped. This cap was replaced with one that had a single hole in the top center. Current production caps have two vent holes in the top.
Diesels are more likely to plug the vents than gasoline engines and plugging of the vents is what caused IH to implement the free gas cap replacement program. There were cases like yours where pressure built up in gasoline tanks and when the tank was opened the vapors rushed out and resulted in fires. Diesel fuel is less likely to cause problems so they were not included in the free cap program.
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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